Lufthansa said on Wednesday it had agreed to receive a stake of 10% in Latvian airline airBaltic, as the German airline seeks to strengthen its international network.

German aviation giant Lufthansa Group is acquiring a minority stake in Latvian carrier airBaltic, the two airlines said on Wednesday. The German group said it signed an agreement to purchase a 10% stake in the form of convertible shares for €14 million ($14.

Deutsche Lufthansa AG will buy a 10% stake in Latvian flag carrier AirBaltic AS as the German carrier group continues its consolidation push in Europe.

The two parties say that the transaction closure is planned for the second quarter of 2025, subject to antitrust review.

Lufthansa Group has agreed to invest 14 million euros in Air Baltic for a convertible share representing a 10% stake in the Latvia-based carrier. Lufthansa also would take a seat on Air Baltic's supervisory board.

Lufthansa's recently acquired 10 percent stake in Latvian airliner airBaltic is also positive news for Estonian passengers, said former Nordica CEO Erki Urva. It can also be seen as a seal of approval,

Lufthansa Group has agreed to take a 10% convertible shareholding in Air Baltic, ahead of the Latvian carrier's upcoming initial public offering. The agreement - valued at €14 million ($14.6 million) - involves Lufthansa's acquiring convertible shares which would be changed to ordinary shares once the offering takes place.