By Gokhan Ergocun
ISTANBUL (AA) - Germany's Lufthansa Group said Thursday that it has signed an agreement with Italy’s Finance Ministry on purchasing a 41% stake in Italian flag carrier ITA Airways.
The value of the acquisition is €325 million ($348.5 million), according to a statement by Lufthansa.
As part of the agreement, the ministry committed to a capital increase of €250 million into ITA, the statement said.
"As a network airline, ITA will closely cooperate with Lufthansa Group to benefit from group synergies," it said.
ITA Airways is becoming the fifth network carrier of the German firm.
ITA Airlines was founded in October 2021 after the closure of the 75-year-old Alitalia airline.
The Italian carrier provides 4,000 jobs and carries 10 million passengers annually with a 66-aircraft fleet.