airBaltic – Acquisition by Lufthansa of a 10% stake

2025

On 29th of January 2025,  Lufthansa Group completed a €14m investment into airBaltic for a 10% stake.

STJ-Superia acted as exclusive advisor to airBaltic.

  Transaction Highlights

• The investment builds on the long-standing wet lease agreement between the two airlines.
• Lufthansa Group will receive mandatorily convertible shares (“MCS”) which will be converted into ordinary shares upon a potential IPO, and will receive a seat in the airBaltic Supervisory Board.
• This strategic investment validates airBaltic’s attractive business model, strategy and growth prospects ahead of a potential IPO in 2025 and strengthens its role as a strategic partner of Lufthansa.
• The transaction is subject to anti-trust approvals - it is expected that the deal will close by the end of H1 2025.

  Key STJ – Superia Value Add

• Structuring: key aspects of the mandatory convertible shares and ensuring alignment with shareholder objectives.
• Negotiations with Lufthansa Group: review and optimisation of the commercial and legal terms of the transaction.
• Shareholder Alignment: communication with the Government of Latvia on key developments and aligning their expectations and objectives with the sale process.
• Execution: efficient coordination of all stakeholders and advisors ensuring a smooth and transparent process
• Communication to the market: formulation of a proactive communication strategy and messaging highlighting the rationale behind the transaction, with addressing any potential concerns.

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