ITA – Lufthansa: First Phase of Acquisition Completed

After lengthy negotiations, the first part of Lufthansa’s acquisition of ITA has been finalized.

At this stage, the German company will acquire 41% of the company, which emerged from the ashes of the former national airline Alitalia, for 325 million euros. In the next two phases, to be completed by 2033, Lufthansa will reach 100% share with a total investment of 829 million.

The negotiations were in danger of collapsing after a long stalemate, also due to (among other things) the European Union, which demanded guarantees of competition on numerous routes. An agreement was eventually reached with Brussels, which led to the sale of slots at Milan Linate Airport and Rome Fiumicino Airport, while Lufthansa entered into agreements with other major European players in the sector: Air France – KLM and British Airways – Iberia, regarding passengers flying from “Italy to Paris and London.”

The new ITA board of directors appoints Sandro Pappalardo as chairman and Italian-German Joerg Eberhart as CEO. “I am proud and honored to have been nominated for this prestigious position,” explained Eberhart. After more than two years of hard work, this new stage in the company’s history will allow us to strengthen our position and develop strategic synergies that will reinforce the growth and consolidation of ITA as Italy’s leading air carrier, ready to guarantee to the country a higher degree of connectivity and to passengers a wider choice of destinations with a renewed vision of development, innovation, and sustainability.”