Investing.com -- Lufthansa, the German airline, is set to acquire a 41% stake in the Italian state-owned airline ITA. The acquisition, valued at 325 million euros ($334.98 million), will conclude years of discussions, as reported by Germany's DPA news agency on Wednesday.
The announcement of the acquisition's date, set for Jan. 13, 2025, was made by Lufthansa CEO Carsten Spohr at an employee event. However, a spokesperson for Lufthansa did not confirm the specific date while reiterating that the acquisition is anticipated to close in early 2025.
ITA is the successor airline to the bankrupt Alitalia. The acquisition of the stake in ITA by Lufthansa is part of the airline's strategic expansion plans.
The deal received approval from the European Commission in November 2024. The Commission endorsed a package of competition remedies, which included securing more routes for Lufthansa's peers. This approval paved the way for the acquisition to proceed.
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