Ita Airways Officially Joins Lufthansa with 41% Acquisition
Deal News | Jan 21, 2025 | Legal Community Italy
In a significant development in the airline sector, Lufthansa has successfully acquired a 41% stake in Ita Airways, previously held by the Italian Ministry of Economy and Finance (MEF). This transaction involved crucial legal assistance from several leading law firms. BonelliErede and Freshfields provided legal counseling to Lufthansa, with BonelliErede focusing on M&A and corporate law and Freshfields handling antitrust matters. MEF was advised by Gianni & Origoni, who also dealt with M&A, fiscal, and antitrust issues. The closing of this acquisition in November 2024 follows an agreement from May 2023 and received authorization from the European Commission and other global authorities. The acquisition was partially facilitated by a capital increase valued at 325 million euros, with potential options for Lufthansa to acquire the remaining stake from MEF. Alongside the acquisition, new governance was announced with Joerg Eberhart appointed as CEO and Lorenza Maggio as Chief Strategy and Integration Officer for Ita Airways. This strategic integration into the Lufthansa group is set to secure Ita Airways' workforce and strengthen its global connections.
Sectors
- Airlines
- Legal Services
Geography
- Italy – Ita Airways is an Italian airline and part of this transaction took place in Italy involving the Italian Ministry of Economy and Finance.
- Germany – Lufthansa, the acquiring company, is headquartered in Germany, making this geography relevant.
Industry
- Airlines – Ita Airways is an airline, and the transaction involves acquiring a significant equity stake in this sector.
- Legal Services – Several law firms were heavily involved in the M&A, antitrust, and regulatory processes of this transaction.
Financials
- 325 million euros – Amount of capital increase implemented as part of the transaction.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Ita Airways | Target Company | Company | An Italian airline involved in the transaction. |
| Lufthansa | Bidding Company | Company | A major German airline acquiring a 41% stake in Ita Airways. |
| Ministry of Economy and Finance (MEF) | Selling Company | Government | The Italian governmental entity selling a 41% stake in Ita Airways. |
| BonelliErede | Legal Advisor to Lufthansa | Company | Advised on M&A and corporate law aspects of the transaction. |
| Freshfields | Legal Advisor to Lufthansa | Company | Handled antitrust legal issues for Lufthansa. |
| Gianni & Origoni | Legal Advisor to MEF | Company | Provided legal support including M&A, fiscal, and antitrust matters for MEF. |