Lufthansa has formally taken a 45% stake in Brussels Airlines for ”65m.
The deal, announced two weeks ago and reported on ABTN, was signed in Brussels today (September 15).
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Lufthansa chairman and ceo Wolfgang Mayrhuber
The agreement also gives the German carrier the option of buying the remaining 55% from 2011.
The price of the remaining stake will depend on "performance related factors" but could amount to ”250m.
The deal the two carriers have signed will allow Brussels Airlines, which was owned by SN Airholding, to operate as a "largely independent" airline in the Lufthansa group.
Wolfgang Mayrhuber, Lufthansa”s chairman and ceo, said the services of the two airlines "ideally complemented" each other.
He added: "The fusion will not least contribute to strengthening European aviation.
"That is important, since only a strong and economically successful European airline structure can provide the quality global connections required by European business and industry, and offer employees long-term prospects."
Etienne Davignon, SN Airholding”s chairman, said: "A joint future with Lufthansa provides us with the best chance of operating successfully against the competition.
"Lufthansa”s multi-hub and multi-brand strategies constitute the best prerequisites for the stability and future growth of Brussels Airlines".
For more information, visit www.lufthansa.com and www.brusselsairlines.com.
Stanley Slaughter
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