As financial data becomes available to bidders, Lufthansa is evaluating ITA Airways

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According to the managing director of the German carrier, Lufthansa and its partner MSC have been reviewing financial data released by state-owned ITA Airways to see if the Italian airline would make a good strategic acquisition.

Sources told Reuters in March that the Italian government intended to strike a deal to privatize ITA by mid-June.

ITA Airways’ financial data room has been open to potential buyers for about 72 hours, according to chief executive Carsten Spohr.

“When it comes to investments, we are only interested in restructured airlines, and we believe ITA is one of them. We are now checking the information available in the data room to confirm that this is the case,” the Lufthansa CEO said.

“The purchasing power there is high,” he said, adding that the exchange of goods between Germany and the Italian region of Lombardy was equivalent to that of Germany and Japan.

Spohr said Italy was already Lufthansa’s biggest market in Europe and second in the world after the United States, as it is the biggest intercontinental carrier for Italians and people traveling to the country from the stranger.

He said a hub in southern Europe would be a good addition to Lufthansa’s existing strong network in the north.

ITA began flying in October, having replaced the 75-year-old Italian carrier Alitalia, which was finally grounded after years of losses and failed salvage attempts.

In January, shipping group MSC expressed interest in buying a majority stake in ITA with Lufthansa. The partners asked for exclusive talks but Rome chose an open procedure. Other bidders who can also access the data room are US fund Certares in cooperation with Delta and Air France, alongside investor Wizz Air Indigo Partners, sources said.

Summary of news:

  • As financial data becomes available to bidders, Lufthansa is evaluating ITA Airways
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