After the advances, comes the official. The Ministry of Economy and Finance and Lufthansa signed the agreement for the sale of a minority stake in Ita to the German group.
“The Minister of Economy and Finance Giancarlo Giorgetti and the CEO of Deutsche Lufthansa Carsten Spohr met today at the Mef to confirm the conclusion of the agreement: Lufthansa's investment in Ita Airways to take over a minority share after having already shared the company's industrial plan, which provides for a revenue growth of 2,5 billion euros expected this year and 4,1 billion euros expected for 2027. The meeting was also attended by the president of Ita, Antonino Turicchi”, reads in the note released by the Mef who then underlines: “After the signature, the agreement will be submitted to the Italian Court of Auditors and notified to the Directorate General for EU Competition".
In Lufthansa 40% of Ita
The note released by the Treasury does not contain indications relating to the share that will pass into the hands of Lufthansa, nor to the figures of the operation, but on the basis to the rumors circulated in the last 24 hours the German company will enter Ita Airways through a reserved capital increase that will lead to ownership 40% of Ita. The investment should be around 325 million, 70 more than initially proposed.
Subsequently, between the end of 2025 and the first half of 2026, Lufthansa will be able to trigger the clause which provides for the purchase of another 50-55% of the former Alitalia for an amount equal to half a billion euros and with a total valuation between 750 and 800 million euros, more than the 600 million assumed at the beginning of the year. At that point Ita would become 90-95% German and the Ministry of the Treasury would have a residual share of 5-10% from the current 100%.
The Ita plan: at the end of the plan 5.500 employees and 94 aircraft
According to the provisions of the agreement, the development strategy of Ita Airways "will continue to be shared between the two shareholders (Mef and Lufthansa)". According to forecasts, at the end of 2027 the company the number of aircraft will increase at its disposal from the current 71 to 94. The aircraft will have an average age of five years, and will guarantee the optimization of fuel consumption and environmental impact.
In terms of employment, the workforce, expected to be 2023 in 4.300 thanks to the 1.200 recruitments currently being finalised, will rise to over 5.500 at the end of the plan.
“ITA Airways' strategy aims to establish itself as a reference player among full-service carriers in the three intercontinental, international and domestic sectors, with particular attention to long-haul traffic. This strategic repositioning will also make it possible to further strengthen the traffic of theRome Fiumicino hub, which will play a central role in the Lufthansa Group's multi-hub model. Ita Airways will continue to be the reference airline of the Italian country and to proudly represent Italy in the world, guaranteeing connections within the country and with the rest of the world, supporting the development of tourist and business flows”.
Giorgetti: "A knot that has been conditioning the market for 30 years has been untied"
“Today marks the end of a journey in the history of the national flag carrier, which has led to the prospect of integration with an important European carrier. With this government, today a knot that has been conditioning the air transport market in Italy for thirty years is resolved. We are convinced that this decision will allow the aviation market to develop in the interest of Italy“, commented the Minister of Economy, Giancarlo Giorgetti.
“Today's agreement will lead to a advantageous situation for Italy, Ita Airways and Lufthansa Group. This is good news for Italian consumers and for Europe, because a stronger ITA will strengthen competition in the Italian market,” said Lufthansa CEO Carsten Spohr. “As a young company, with a modern fleet and with its own efficient and expanding hub in Rome, Ita is the perfect solution for the Lufthansa Group. In Milan, Ita covers a large catchment area that also offers growth potential. As part of the Lufthansa Group family, Ita can to develop into a sustainable and profitable airline, connecting Italy with Europe and the world. At the same time, this investment will allow us to continue our growth in one of our most important markets,” added the manager.
