DALLAS — On Wednesday, the Lufthansa Airlines Group (LH) finalized its acquisition of a minority stake in ITA Airways (AZ).
The German airline group now owns 41% of the Italian carrier, with the Italian Ministry of Economy and Finance (MEF) owning 59%. The acquisition, valued at €325 million, will increase to cover 100% of AZ, for a total value of €829 million at a later stage.
The acquisition marks the end of years of negotiations, allowing the Lufthansa Airlines Group to expand its presence in Southern Europe.
Board composition
The Italian Ministry of Economy and Finance appointed the new AZ Board of Directors. Joerg Eberhart and Lorenza Maggio have been appointed today by the Italian Ministry of Economy and Finance (MEF) to the five-member AZ Board of Directors.
Joerg Eberhart will assume ITA Airways's CEO role, while Sandro Pappalardo will be the board’s chairman.
Remedy takers
On July 3, the European Union Commission gave its green light to the Lufthansa Group to. The acquisition allowed easyJet (U2) to enhance its presence in Italy and open a new base in Rome Fiumicino (FCO) and Milan Linate (LIN).
ITA Airways will cede its slot to the British low-cost carrier, which has been chosen as the “remedy taker”, and from spring 2025, U2 will base five aircraft at Milan Linate and three at Rome Fiumicino.
On December 2, the IAG and Air France-KLM groups were appointed as remedy takers for the long-haul network between Italy and North America.
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Exploring Airline History Volume I
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February 2025
