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Fri, Dec 23, 2011

Lufthansa Moves Forward With Sale Of British Midland To IAG

Airline Says It Will Benefit From A Stronger Financial Position After The Sale

Deutsche Lufthansa AG (Lufthansa) and International Airlines Group (IAG) have signed a binding agreement for the sale of British Midland Limited (bmi) to IAG in a deal worth about $270 million cash. Both parties project the transaction will close by the end of the first quarter 2012.

“bmi’s employees and management team have shown great motivation and unfailing commitment in dealing with the financial challenges of the past years," said Christoph Franz, CEO and Chairman of the Executive Board of Deutsche Lufthansa AG. "For this I owe them my thanks and appreciation. It was therefore especially important for us to find the solution that best provides the company and its employees with sustainable prospects for the future. This has been achieved through the sale of bmi to IAG. And as part of Lufthansa’s strategic development the sale means that our customers, shareholders and employees will benefit from a sharpened corporate profile and a stronger financial position of the Group. Both of these are necessary elements to enable sustainable, profitable growth.”

As part of the agreement, a British holding company of Lufthansa, is to take on bmi’s defined benefit pension scheme. Lufthansa said the sale will allow it to align its airline portfolio to a more strategic fit with benefits form a stronger earnings position. The deal is subject to regulatory approval.



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