The arrangement calls for Lufthansa to invest €325 million in ITA, with a future option to acquire the remaining shares at a later date, based on the share price at that time. In addition, the MEF has also committed to a capital increase of €250 million in the airline.
The transaction is expected to close shortly, pending regulatory approvals by the relevant authorities. Once that is completed, ITA Airways will become the fifth network carrier in Lufthansa Group’s multi-brand and multi-hub system.
As part of Lufthansa Group, ITA will remain a standalone airline with its own management and brand identity. At the same time, ITA will benefit from synergies of the Group, such as access to the partner network, central revenue management and the use of Lufthansa Group's global sales and marketing channels.
To ensure that ITA’s growth is sustainable, Lufthansa Group signed a Memorandum of Understanding with the Italian state railroad company Ferrovie dello Stato Italiane S.p.A. last February to extend the intermodal transport for feeder traffic within Italy.
Lufthansa Group already operates similar intermodal cooperation programs in its home markets, including deals with Deutsche Bahn, Austrian ÖBB and Swiss Federal Railways.
“As a young company with a modern fleet, and with its efficient and expanding hub in Rome, ITA is a perfect fit for Lufthansa Group,” commented Carsten Spohr, CEO of Deutsche Lufthansa AG. “As part of the Lufthansa Group family, ITA can develop into a sustainable and profitable airline, connecting Italy with Europe and the world.”
ITA Airways was founded in 2020, after Italy’s former flag carrier Alitalia ceased operations. ITA operates a fleet of 66 Airbus aircraft and offers flights to 64 destinations: 21 domestic, 33 international and 10 intercontinental routes.
Image: Shutterstock
