Today, Italy’s audit court approved the agreement to sell a minority stake in ITA Airways to the German flag carrier Lufthansa. The ITA-Lufthansa deal is worth over €300million.
The contract, signed by the economy minister in May, provides for the acquisition by Lufthansa in the two-year period 2023-2024 of a 41% stake in ITA’s share capital. The investment totals €325million.
Under the 2023-2027 business plan, revenue is expected to grow from the €2.5billion forecast this year to €4.1billion in 2027.
Speaking after the closure of the deal in Rome in May, Lufthansa CEO Carsten Spohr said closure of the ITA-Lufthansa deal is expected by the end of this year.
“The future chief executive office of ITA Airways and a member of the board (out of five in total) will be nominated by Lufthansa,” he told analysts.
ITA replaced loss-making former flag-carrier Alitalia in 2021, with the State taking full ownership.
