Lufthansa acquires stake in airBaltic; expands wet lease partnership

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.