Lufthansa Group acquires minority stake in airBaltic

The Ministry of Transport of Latvia, airBaltic, and Lufthansa Group have announced the signing of an agreement for Lufthansa Group to invest EUR 14 million in airBaltic to acquire a minority stake and the Supervisory Board seat. 

In return for its investment, Lufthansa Group will receive a convertible share granting a 10% stake, which will be issued at a subscription price of EUR 14 million and converted into ordinary shares upon a potential IPO of airBaltic. After IPO, the size of Lufthansa Group’s stake will be determined by market pricing of the potential IPO, with Lufthansa Group’s holding amounting to no less than 5% of airBaltic capital. 

The transaction builds on the existing strategic partnership between Lufthansa Group and airBaltic. Lufthansa Group will also appoint a Supervisory Board member upon closing of the investment. The closing of the transaction is planned for Q2 2025,and is subject to antitrust review. 

The deal provides airBaltic with additional funding and supports its growth plans, which include the expansion of wet lease agreements, and recognises airBaltic’s leading market position and unique hybrid business model. 

COBALT team, in cooperation with the international law firm Dentons, provides full legal support to airBaltic entering and implementing the transaction with Lufthansa Group. 

The COBALT team is led by Partner Gatis Flinters and includes Partners Guntars Zīle, Edgars Lodziņš and Uģis Zeltiņš, and Senior Associates Diāna Zepa, Krišjānis Bušs and Kristīne Rāviņa.   

Official Lufthansa and airBaltic announcement.