Lufthansa takes a strategic equity share in Brussels Airlines Acquisition of 45% for 65 million euros / Acquisition of remaining 55% intended Brussels Airlines is embarking on a new future with Lufthansa: Lufthansa Chairman Wolfgang Mayrhuber and SN Airholding Chairman Eitienne Davignon have signed an agreement, which initially envisages a strategic stake in SN Airholding SA/NV and, in a second step, the full integration of the Belgian carrier in the Lufthansa Group. The agreement still requires the approval of the regulatory authorities and the Lufthansa Supervisory Board as well as the Board of Directors and shareholders of SN Airholding SA/NV.
In a first step, Lufthansa is taking out a stake of 45% in SN Airholding SA/NV for 65 million euros via a capital increase. After securing the air traffic rights of Brussels Airlines, Lufthansa will then have an option of acquiring the remaining 55% from 2011. It would then wholly-own the Belgian carrier.
The price for taking up the remaining 55% depends on performance-related factors so that the cost for complete acquisition of Brussels Airlines could amount to a maximum of 250 million euros.Email Post to a Friend