Germany's Lufthansa Group (OTCQX:DLAKY) (OTCQX:DLAKF) finalized its acquisition of a 41% stake in the Italian airline ITA Airways for €325 million (approximately $350 million) from the Italian government.

ITA Airways joins Lufthansa, SWISS, Austrian Airlines, and Brussels Airlines as part of the Lufthansa Group's network.

Lufthansa finalised its acquisition of a 41% stake in Italian state-owned airline ITA after European antitrust remedies were put in place, it said on Friday, in a deal designed to boost the carrier's presence in the lucrative southern European market.

Germany's Lufthansa Group on Friday finalized its acquisition of Italian airline ITA Airways, closing a long period of uncertainty for Italy’s former flagship carrier. Under the 325-million-euro ($350 million) deal,

Deutsche Lufthansa AG completed the acquisition of a minority stake in Italian carrier ITA Airways late on Friday after first making an offer for its competitor in January 2023.

The Italian airline ITA Airways is a new member of the Lufthansa Group. The Italian Ministry of Economy and Finance (MEF) and Europe’s leading aviation group concluded the transaction today. As a result, the Lufthansa Group has a 41 percent stake in the Italian airline ITA Airways. The remaining 59 percent will initially continue to be held by MEF.

Germany's Lufthansa Group has completed its long-sought acquisition of Italian carrier ITA Airways, finalising on 17 January its acquisition of a two-fifths stake in the company.

ITA Airways, the successor airline to bankrupt Alitalia, becomes the German airline group’s fifth network carrier. The transaction, which includes a €325 million capital increase in ITA, sees Lufthansa take a 41% stake with the remaining 59% “initially” being held by the Italian Ministry of Economy and Finance (MEF).