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Lufthansa acquires stake in airBaltic; expands wet lease partnership

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Lufthansa acquires stake in airBaltic; expands wet lease partnership
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Lufthansa Group has entered into an agreement to acquire a convertible share representing a 10 percent stake in the Latvian state airline airBaltic. This share will be issued at a subscription price of 14 million euros, and Lufthansa Group will also gain a seat on the airBaltic Supervisory Board.

The convertible share is set to transform into ordinary shares if airBaltic undergoes an initial public offering (IPO). The size of Lufthansa's stake will depend on the market pricing during the IPO, but it will not fall below 5 percent.

This transaction builds upon the existing wet lease agreement between Lufthansa Group and airBaltic. It aims to enhance airBaltic’s role as a strategic partner for Lufthansa. The expanded commercial cooperation is expected to improve network quality and open additional markets for Lufthansa Group. Plans are also in place for further development of wet lease services to meet customer expectations.

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The transaction is scheduled to close in the second quarter of this year, pending antitrust review.

Recently, the wet lease agreement between both companies was extended for three more years beyond summer 2025. This partnership allows flexible deployment of up to 21 additional Airbus A220-300 aircraft in summer and five in winter across various Lufthansa hubs, catering to increased customer demand during peak seasons.

With these added capacities from airBaltic, high-demand destinations can be served more flexibly. It also strengthens connections with intercontinental services at Lufthansa Group's hubs.

airBaltic is Latvia’s national airline, headquartered in Riga, operating a fleet of 50 modern Airbus A220 aircraft. Since their collaboration began in 2019, airBaltic has been recognized as a reliable partner by Lufthansa Group.

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