Now it's official, green light for Lufthansa to enter the share capital of ITA Airways

The European Union has given the final green light to theLufthansa's acquisition of ITA Airways, marking a milestone in the European aviation landscape. The transaction, worth a total of 829 million, was approved within the term of the von der Leyen Commission, now allowing the closing of the agreement planned for early 2025.

The Commitments Accepted by Brussels

The EU Commission, led by antitrust Margrethe Vestager, has assessed positively the commitments made by the Italian Ministry of Economy and Finance (MEF) and the German company to ensure competition in three strategic areas:

• Short-haul routes between Italy and Central Europe (destinations in Germany, Austria, Belgium and Switzerland).
• Milan Linate: rebalancing competition in the Lombardy airport.
• Intercontinental routes From Rome Fiumicino to Washington, Chicago and Toronto.

Trade agreements with easyJet, IAG (British Airways and Iberia) e Air France-KLM will ensure alternatives for passengers, strengthening competition on key routes.

Next Steps for ITA Airways and Lufthansa.

Lufthansa described the approval as a "important milestone", announcing that the final closing of the acquisition will take place in early 2025. The Minister of Economy, Giancarlo Giorgetti, expressed satisfaction, noting that the goal is now close.

This operation places ITA Airways within the Lufthansa Group, opening up new prospects for the Italian and international aviation market.

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The key steps of this historic agreement

Here are the key dates of the agreement between Lufthansa and ITA Airways:

1. May 2023: The Ministry of Economy and Finance (MEF) and Lufthansa reach a preliminary agreement to sell ITA Airways' 41% to Lufthansa for 325 million euros. The agreement includes an option to acquire the remaining 59% at a later stage, bringing the total value of the deal to about 829 million euros.
2. July 3, 2024: The European Commission approves the transaction, subject to the adoption of remedies to ensure competition. These include divestment of airport slots and interlining agreements for some routes.
3. November 11, 2024: Lufthansa presents package of remedies to meet European Commission's demands, to be approved in the following days
4. November 29, 2024: The European Commission formally approves the remedies submitted, allowing the agreement to be finalized and operational and commercial cooperation between ITA Airways and Lufthansa to begin.