German airline Lufthansa has signed a deal with the Stockholm-based SEB Kort Bank to sell its business travel payment provider AirPlus for around €450 million ($490 million), the company announced.
In addition to Lufthansa AirPlus Servicekarten in Neu-Isenburg, the deal includes all international units and branches of AirPlus.
Remco Steenbergen, chief financial executive of Lufthansa, said: “In turn, it enables us to focus even more on further improving the profitability and capital returns of the Lufthansa Group core business.”
The transaction, scheduled to be completed in the first half of 2024, is projected to have a positive impact on the Lufthansa’s adjusted earnings before interest and taxes (EBIT).
Post transaction, AirPlus will remain a member of the global payment network UATP, focusing on the opportunities in the B2B payment sector.
Goldman Sachs served as financial advisor to the Lufthansa Group.
