Lufthansa invests in ITA Airways
Context
Announced in May 2023 and formally concluded on January 17, 2025, the strategic investment agreement executed between Deutsche Lufthansa AG and the Italian Ministry of Economy and Finance transfers a 41 percent stake in ITA Airways to the German carrier, integrating the business as the fifth network airline within the enlarged Lufthansa Group. The transaction structure is executed through a primary capital increase, leaving the remaining 59 percent equity interest in the hands of the Italian state. Under the contractual framework, bilateral options have been formalized granting the German aviation group the right to purchase the residual shareholding from 2025 onward. The definitive closing follows extensive regulatory reviews, notably securing formal clearance from the European Commission on November 29, 2024, after the acceptance of behavioral remedies, alongside supplementary authorizations granted by foreign antitrust authorities outside the European Union. Strategically, the integration expands the buyer's sovereign presence into Italy as an official home market, elevating Rome Fiumicino to serve as the group's sixth and southernmost intercontinental flight hub, while positioning Milan-Linate to capture business demand across the second largest catchment area in the European Union. Operational governance is restructured immediately through dedicated leadership appointments: Joerg Eberhart assumes the role of Chief Executive Officer, taking over operational management previously steered on an interim basis by Antonino Turicchi and Andrea Benassi, while Lorenza Maggio is appointed Chief Strategy and Integration Officer to oversee procedural alignment. Additionally, former Austrian Airlines executive Michael Trestl transfers to Frankfurt as Implementation Officer to coordinate corporate harmonization. Commercial integration plans will roll out reciprocal frequent flyer benefits, codeshare itineraries, lounge accessibility, and ITA's future admission into Star Alliance, with executive leadership presenting further details in Rome on February 3, 2025.
ITA Airways, which reported an EBITDA margin of [members only] in 2025, is valued in this transaction at an EV/EBITDA multiple of [members only].
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Target
Since launching flight operations in 2021, ITA Airways operates as Italy's national flagship carrier, providing scheduled passenger aviation services across domestic, European, and intercontinental routes. Operating under the IATA airline code AZ, the Rome-based carrier manages its dual-hub operations primarily out of Rome Fiumicino Airport—a certified five-star facility—and Milan Linate Airport. The commercial business model centers on offering comprehensive passenger air connectivity to international travelers and corporate clients, serving a global flight network of nearly 70 destinations worldwide. The operational framework is supported by a modern and environmentally friendly fleet totaling 99 Airbus aircraft, configured to handle both short-haul continental transport and high-density long-haul transatlantic traffic. Within this equipment architecture, the carrier deploys 22 dedicated wide-body long-haul aircraft, consisting of Airbus A350-900, Airbus A330-900neo, and Airbus A330-200 models designed for extended-range missions. To retain recurring client engagement and support customer loyalty across its passenger routes, the enterprise operates its proprietary frequent flyer program, Volare. Operational capacity reflects extensive network density across southern Europe, enabling the transport infrastructure to carry approximately 18 million passengers annually across its international terminal gates.
Ent. Value
[members only]
Equity Value
[members only]
Multiples
EV / Revenue
[members only]
EV / EBITDA
[members only]
EV / EBIT
[members only]
Historical Financials (EUR)
Other operations with Lufthansa
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 10/2026 | LUFTHANSA | TAP | PORTUGAL | Airlines |
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REFERENCES
Revenue range: REV €1–10bn
EBITDA range: €250–500M
Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of ITA Airways by Lufthansa are reserved for mynth community members. Register for free to unlock full data.
Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.
Target: ita airways
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