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Lufthansa to Buy Units of Air Berlin for $249 Million
LONDON — The German flag carrier Lufthansa signed an agreement on Thursday to buy sections of Air Berlin, a low-cost carrier that had filed for insolvency this summer.
Air Berlin said that Lufthansa, Germany’s largest airline, would acquire several business units, including Niki Luftfahrt and Luftfahrtgesellschaft Walter, for 210 million euros, or about $249 million.
The purchase is subject to regulatory approval and the price is subject to adjustments upon closing.
Earlier Thursday, Lufthansa said it would take over 81 planes and hire 3,000 people from Air Berlin as part of an overall investment of €1.5 billion, confirming comments made by the chief executive, Carsten Spohr, that were published in the German newspaper Rheinische Post on Thursday.
“We will see a milestone in the history of Lufthansa and Air Berlin today,” Mr. Spohr told Rheinische Post.
Air Berlin said it was continuing talks with the discount airline easyJet and with other bidders for other parts of its business.
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The Italian carrier Alitalia filed for bankruptcy in May. Monarch Airlines, a British budget airline and tour operator, collapsed this month, leading the British government to step in to bring home more than 100,000 travelers stranded abroad.
Lufthansa to Buy Units of Air Berlin for $249 Million
LONDON — The German flag carrier Lufthansa signed an agreement on Thursday to buy sections of Air Berlin, a low-cost carrier that had filed for insolvency this summer.
Air Berlin said that Lufthansa, Germany’s largest airline, would acquire several business units, including Niki Luftfahrt and Luftfahrtgesellschaft Walter, for 210 million euros, or about $249 million.
The purchase is subject to regulatory approval and the price is subject to adjustments upon closing.
Earlier Thursday, Lufthansa said it would take over 81 planes and hire 3,000 people from Air Berlin as part of an overall investment of €1.5 billion, confirming comments made by the chief executive, Carsten Spohr, that were published in the German newspaper Rheinische Post on Thursday.
“We will see a milestone in the history of Lufthansa and Air Berlin today,” Mr. Spohr told Rheinische Post.
Air Berlin said it was continuing talks with the discount airline easyJet and with other bidders for other parts of its business.
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The Italian carrier Alitalia filed for bankruptcy in May. Monarch Airlines, a British budget airline and tour operator, collapsed this month, leading the British government to step in to bring home more than 100,000 travelers stranded abroad.
