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,

Germany's Lufthansa Group (DLAKY) (DLAKF) finalized its acquisition of a 41% stake in the Italian airline ITA Airways for €325 million

Germany's Lufthansa Group on Friday finalised its acquisition of Italian airline ITA Airways, closing a long period of uncertainty for Italy's former flagship carrier.

ITA Airways joins Lufthansa, SWISS, Austrian Airlines, and Brussels Airlines as part of the Lufthansa Group's network.

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.