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.

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,

Two out of the five new ITA Airways directors are Lufthansa's executives, including Joerg Eberhart, who will be the CEO of the Italian airline.

Germany's Lufthansa Group has completed its long-sought acquisition of Italian carrier ITA Airways, finalising on 17 January its acquisition of a two-fifths stake in the company.

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Under the €325-million ($350-million) deal, Lufthansa takes an initial 41 per cent stake in ITA, formerly Alitalia, from the Italian government, gaining full control by 2033 with a total investment of €829-million. The remaining 59 per cent will initially continue to be held by the Italian Treasury.

Germany's Lufthansa announced on Friday that it has taken the first step towards a takeover of Italy's state-owned ITA Airways by completing an approved capital increase of €325 million ($334 million).