Lufthansa acquiring Air Berlin assets to bolster Eurowings

13 October, 2017, 00:59 | Author: Terri Saunders
  • Lufthansa_A350-900

Spohr said the Lufthansa Group expects to take over 81 Air Berlin aircraft, hire 3,000 of its employees and invest 1.5 billion euros as it grows low-priced subsidiary Eurowings.

Air Berlin said that Lufthansa would pay 210 million euros for Air Berlin assets, enabling it to repay a 150 million credit from the German federal government that had allowed it to keep flying.

Air Berlin, which once employed around 8,000 people, filed for bankruptcy in August after its funding was cut off by Etihad, one of its major shareholders.

The statement, sales process, Committee on creditors, institutions responsible for bankruptcy process in Germany and approval of European competition institutions were transferred.

Lufthansa Chairman and CEO Carsten Spohr said the giant would sign the deal, which would mean the acquisition of parts of Air Berlin, including 81 aircraft and 3,000 employees, for a price tag of 1.5 billion euros ($1.78 billion), Efe news reported.

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Lufthansa plans to use Air Berlin planes to expand its Eurowings budget airline business. Germany's second-largest airline announced it will end flights by October 28.

Further negotiations to pick up the leftovers of Air Berlin are ongoing with easyJet.

Lufthansa has agreed to purchase portions of insolvent German airline group Air Berlin for $249 million.

Air Berlin carried an average of 80,000 people a day, but endured losses of an estimated 782 million Euros a year ago.

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