COLOGNE (dpa-AFX) - German airline group Deutsche Lufthansa AG (DLAKF, DLAKY) announced Thursday that it will take over SN Airholding, the parent of Brussels Airlines. The price for the acquisition of the remaining 55 percent of the shares is 2.6 million euros, which will be paid to a consortium of 30 shareholders.
The company noted that Brussels Airlines will be fully integrated into the Lufthansa Group as of 2018 and join the Eurowings Group.
After Lufthansa and the shareholders of SN Airholding had agreed on the terms of the complete takeover, Lufthansa's Executive Board on Wednesday decided to exercise the call option for the outstanding 55 percent of the shares. The company had acquired 45 percent share of SN Airholding eight years ago.
The call option for the remaining shares comes into effect by December 31, 2016. The closing of the transaction will happen by the beginning of January 2017.
The company noted that the price mechanism for the take-over of the remaining 55 percent of the shares had already been part of the agreement for the call option in 2008.
After the acquisition, Brussels Airlines will continue to operate its 23 long-haul destinations as well as 79 destinations within Europe under the umbrella of the Eurowings Group.
With its fleet of 42 short- and medium-haul aircraft and nine A330 long-haul aircraft, Brussels Airlines has significantly increased the number of its passengers.
In Germany, Lufthansa shares were trading 2.26 percent higher at 12.90 euros.
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