Lufthansa Group will take a 10% stake in airBaltic, in the form of convertible shares, for EUR14 million and a supervisory board seat. Subject to competition authority approval, the deal is expected to close in 2Q2025.
In the event of an airBaltic IPO, Lufthansa‘s investment will be converted into ordinary shares, representing no less than 5%.
The two airlines already have a codeshare agreement and, in addition, airBaltic provides wet lease capacity to Lufthansa Group.
AirBaltic carried record passenger numbers in 2024, and its fleet size reached 49 aircraft (all Airbus A220-300s, making it the world’s largest operator of the type). The airline has further growth ambitions, both in its own network and in its wet lease activities, and is aiming for 100 aircraft by 2030.
Lufthansa‘s investment gives airBaltic some support for these ambitions, but it needs the long-planned IPO to allow the Latvian government to liquidate much of its holding and to drive these plans more fully.
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AirBaltic: Lufthansa’s 10% stake in the Latvian airline ahead of long-awaited IPO – CAPA – Centre for Aviation
