Germany's Lufthansa Group on Friday finalized its acquisition of Italian airline ITA Airways, closing a long period of uncertainty for Italy’s former flagship carrier. Under the 325-million-euro ($350 million) deal,

Deutsche Lufthansa AG completed the acquisition of a minority stake in Italian carrier ITA Airways late on Friday after first making an offer for its competitor in January 2023.

Germany's Lufthansa Group on Friday finalised its acquisition of Italian airline ITA Airways, closing a long period of uncertainty for Italy's former flagship carrier.

Germany's Lufthansa announced on Friday that it has taken the first step towards a takeover of Italy's state-owned ITA Airways by completing an approved capital increase of €325 million ($334 million).

German aviation giant Lufthansa Group is set to take a stake in Italian state-owned airline ITA on January 13 following years of negotiations over a deal, dpa has learnt. Lufthansa chief executive Carsten Spohr confirmed the date during an employee event,

The MEF pointed out the divestiture of ITA Airways as one of the highlight-worthy moments of its tenure, noting that the Lufthansa Group’s purchase of the Italian airline’s 41% shares through a capital increase will conclude a 40-year history of wasting taxpayers’ money.

Under the €325-million ($350-million) deal, Lufthansa takes an initial 41 per cent stake in ITA, formerly Alitalia, from the Italian government, gaining full control by 2033 with a total investment of €829-million. The remaining 59 per cent will initially continue to be held by the Italian Treasury.