Lufthansa Completes Acquisition of ITA Airways Stake with Legal Support
Funding | Jan 22, 2025 | Legal Community Germany
Lufthansa has concluded its purchase of 41% of ITA Airways, a transaction that marks a significant step in the airline's strategic expansion. The deal was facilitated through the expertise of several legal advisory firms, including BonelliErede, Gianni & Origoni, and Freshfields. Previously agreed upon in May 2023, and sanctioned by European and various non-European authorities in November 2024, the deal involved an initial capital injection of 325 million euros. This completion allows Lufthansa not only to integrate ITA Airways within its operational structure but also to reinforce international connectivity vital to Italy's economy. The agreement includes options for Lufthansa to potentially increase its stake further in ITA Airways in the future. High-profile appointments were made alongside the acquisition, ensuring leadership for ITA: Joerg Eberhart as CEO and Lorenza Maggio in a strategic role. The legal advisory was comprehensive, addressing corporate integration, M&A, antitrust, and tax requirements, with contributions from in-house experts and external advisors ensuring the seamless completion of the acquisition.
Sectors
- Aviation
- Legal Advisory
- Corporate Finance
Geography
- Germany – Lufthansa, a major player in the article, is based in Germany.
- Italy – ITA Airways, the company involved in the transaction, is based in Italy.
- European Union – The approval from European authorities indicates involvement at the EU level.
Industry
- Aviation – The article revolves around Lufthansa's acquisition of a stake in ITA Airways, thereby directly involving the aviation industry.
- Legal Advisory – Numerous legal advisory firms played critical roles in facilitating the deal, emphasizing the involvement of legal advisory services.
- Corporate Finance – The acquisition includes financial transactions such as a capital increase, tying the article to the corporate finance sector.
Financials
- 325 million euros – The capital increase implemented by Lufthansa for ITA Airways' stake acquisition.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Lufthansa | Bidding Company | Company | German airline acquiring a 41% stake in ITA Airways. |
| ITA Airways | Target Company | Company | The Italian airline in which Lufthansa has acquired a stake. |
| Italian Ministry of Economy and Finance (MEF) | Selling Company | Government | Owner of the remaining shares in ITA Airways. |
| BonelliErede | Legal Advisor for Lufthansa | Company | Law firm advising Lufthansa on the deal. |
| Gianni & Origoni | Legal Advisor for MEF | Company | Law firm advising the Italian Ministry of Economy and Finance. |
| Freshfields | Antitrust Legal Advisor | Company | Provided legal advice on antitrust matters for Lufthansa. |
| Joerg Eberhart | CEO of ITA Airways | Person | Appointed CEO as part of the deal. |
| Lorenza Maggio | Chief Strategy and Integration Officer of ITA Airways | Person | Appointed to lead strategy and integration as part of the corporate changes following the acquisition. |