Lufthansa Boosts ITA Stake to 90% in €325M Majority Deal

Lufthansa Group has moved to secure majority control of ITA Airways, exercising an option to raise its stake to 90 percent in a €325 million transaction presented to shareholders during the company’s 73rd Annual General Meeting, with full integration of the Italian carrier targeted for the first quarter of 2027.

Details of the 90 Percent ITA Airways Stake

According to publicly available information from Lufthansa Group, the company will acquire an additional 49 percent stake in ITA Airways in June 2026. This second tranche will lift its ownership from 41 percent to 90 percent, handing the German aviation group effective control of Italy’s flag carrier.

The agreed price for the new share block is €325 million, in line with the terms set out when Lufthansa first invested in ITA. Reports indicate that the transaction will be funded from existing cash resources, reflecting Lufthansa’s stronger balance sheet following its post‑pandemic recovery.

Lufthansa initially entered ITA’s capital in January 2025 with a 41 percent stake, following a 2023 agreement with the Italian Ministry of Economy and Finance. Since then, ITA has been progressively aligned with the group’s multi‑hub, multi‑brand strategy, including network coordination and loyalty program integration.

The latest step still requires the usual regulatory and closing procedures. However, the structure mirrors the first phase of the deal, which previously obtained approval from European and other competition authorities, suggesting a well‑mapped pathway to completion.

Announcement at Lufthansa’s 73rd Annual General Meeting

The move to lift ITA ownership to 90 percent was highlighted during Deutsche Lufthansa AG’s 73rd Annual General Meeting, held on May 12, 2026. Company documents and published coverage show that shareholders approved all agenda items with broad majorities, signaling strong backing for management’s strategic direction.

The AGM, which gathered around 1,600 shareholders and represented just over half of the company’s share capital, focused on Lufthansa’s financial performance, dividend distribution and governance changes, alongside the expansion of its portfolio of network airlines. The decision to exercise the ITA option was framed as a central pillar of the group’s long‑term growth strategy in Southern Europe.

Investor materials describe the ITA deal as part of a wider push to consolidate market positions at key European hubs while deepening exposure to transatlantic and intra‑European traffic flows. The AGM timing provided a high‑visibility platform to outline timelines and expected benefits of majority control over ITA.

Financial market commentary following the meeting underscored this strategic reading. S&P Global Ratings, for example, confirmed Lufthansa’s investment‑grade rating after the announcement, indicating that the agency expects the group to preserve metrics consistent with its current credit profile even after ITA’s full consolidation.

Integration Roadmap to Early 2027

Lufthansa Group has set the first quarter of 2027 as the target for completing the majority acquisition and fully consolidating ITA Airways. Group statements describe this as the closing window for the transaction, after which ITA will be comprehensively integrated into Lufthansa’s financial reporting and governance structure.

Operationally, much of the integration is already under way. ITA joined Star Alliance on April 1, 2026 and is in the process of becoming a fully embedded partner in Miles & More, Europe’s largest frequent flyer program by membership. Public documents from ITA depict these moves as key milestones in aligning the Italian airline with Lufthansa’s commercial systems.

Reports from aviation and financial outlets indicate that many customer‑facing elements such as codesharing, schedule coordination and lounge access have progressed ahead of the original timetable. Lufthansa has characterized ITA as its fifth network airline, complementing Lufthansa, Swiss, Austrian Airlines and Brussels Airlines within the group portfolio.

The 2027 timeline is therefore less about initiating integration and more about formalizing and completing it. Once closing occurs, ITA’s financial results, fleet planning and network development are expected to be fully incorporated into group‑wide decisions, similar to other carriers under the Lufthansa umbrella.

Strategic Significance for Italy and European Aviation

The step to 90 percent ownership reshapes Italy’s position in the European airline landscape. With ITA under majority control of Lufthansa Group, Rome Fiumicino is being developed as a key Southern European hub, complementing Frankfurt, Munich, Zurich, Vienna and Brussels in the group’s multi‑hub system.

Analysts see the move as the culmination of a long‑running search for a stable strategic partner for Italy’s flag carrier following the restructuring of Alitalia. The Italian government remains a minority shareholder, but the balance of control now shifts decisively toward the German group, giving Lufthansa a freer hand to integrate networks and fleets.

For passengers, published information suggests that the most visible changes will involve expanded connectivity, particularly on long‑haul routes linking Italy to North America, Latin America and parts of Asia. Membership in Star Alliance and the Miles & More ecosystem is expected to make ITA a more attractive option for frequent flyers who value status recognition and mileage accrual across multiple airlines.

At the same time, the deal is another marker of consolidation among Europe’s legacy carriers. With the Lufthansa Group, International Airlines Group and Air France‑KLM each building multi‑brand portfolios, competition is increasingly playing out between large airline families, with smaller national carriers seeking alliances or partnerships to remain competitive.

Financial Health and Regulatory Context

The €325 million price tag for the additional ITA stake has been broadly interpreted as manageable within Lufthansa’s financial framework. The group has reported solid revenue and profit figures for 2025, and ratings commentary indicates expectations of stable cash generation in 2026 to support integration costs.

ITA’s own financial trajectory has also improved. Company statements show that the Italian carrier reached EBIT break‑even in 2024 and reported its first positive net result in 2025, aided by rising demand and initial synergies with Lufthansa. These developments have enhanced ITA’s standing in the financial community and facilitated access to aircraft financing and other funding tools.

Regulatory oversight remains a factor. The original 41 percent acquisition cleared European Commission scrutiny under conditions aimed at preserving competition on certain routes. Analysts expect that authorities will examine the shift to 90 percent ownership under similar criteria, with possible adjustments to slot or route commitments where necessary.

For the wider market, the key question is whether a stronger, better‑capitalized ITA under Lufthansa’s control will sustain competition in and out of Italy against low‑cost carriers and rival network airlines. Early indicators, based on capacity plans and alliance integration, point to a strategy focused on long‑haul growth and premium traffic, while low‑cost operators continue to dominate many domestic and short‑haul routes.