(Finance) – The Court of Auditors has registered the deed of approval of the agreement for the sale of a minority stake of Ita Airways to Deutsche Lufthansa. The contract already signed by Mef, from the German company and from Ita foresees for the two-year period 23-24 the achievement of the following objectives: Lufthansa will acquire a stake equal to 41% of the share capital of Ita Airways against an investment of 325 million euro. The industrial plan 2023-2027 shared between Mef and Lufthansa expects revenue growth from the 2.5 billion euros expected this year to €4.1 billion planned for 2027.
The agreement between the MEF and Lufthansa for the sale of a share in the national airline ITA Airways was signed on 25 May. On the occasion, Minister Giorgetti had declared “With this government, a knot that has been conditioning the air transport market in Italy for thirty years has been resolved. We are convinced that this decision will allow the air market to develop in Italy’s interest”.
“The agreement will lead to a win-win situation for Italy, ITA Airways and Lufthansa Group. It is good news for Italian consumers and for Europe, because a stronger ITA will strengthen competition in the Italian market,” he said. Carsten Spohr, managing director of Deutsche Lufthansa, adding “as part of the Lufthansa Group family, ITA can 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 the our growth in one of our most important markets”.
The Development Plan: more planes, more people, more connections
As mentioned, MEF and Lufthansa have shared an industrial plan of the company which foresees a growth in revenues from 2.5 billion euros expected for this year to 4.1 billion euros expected in 2027. Ita Airways’ development strategy will continue to be shared between the two shareholders (MEF and Lufthansa).
Also expected is the growth and renewal of the fleet, which in 2027 will count on 94 aircraft compared to the current 71, with an average age of five years, and will guarantee the optimization of consumption and environmental impact. The workforce, which is expected to grow to 4,300 employees this year as a result of the 1,200 hires currently being finalised, will rise to over 5,500 at the end of the Plan.
ITA Airways’ strategy is to establish itself as a leading 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 better feed the traffic of the Rome Fiumicino hub, which will thus play a role central to the multi-hub model of the Lufthansa Group.
ITA Airways will continue to be the country’s reference company and to proudly represent Italy all over the world, guaranteeing connections within the country and with the rest of the world, to support the development of tourist and business flows.