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.

The Lufthansa Group has welcomed ITA Airways as its fifth network airline, finalizing a 41% stake in the Italian carrier.

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.

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.

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 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,

German aviation company Lufthansa Group has acquired a 41% stake in ITA Airways. Lufthansa Group can opt to acquire the remaining shares. The Italian Ministry of Economy and Finance (MEF) retains the remaining 59% of ITA Airways for now.