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(Bloomberg) -- Deutsche Lufthansa AG completed the acquisition of a minority stake in Italian carrier ITA Airways late on Friday after first making an offer for its competitor in January 2023.

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The German airline agreed to take a 41% stake in the Alitalia successor for €325 million ($334 million), while the remaining 59% will initially continue to be held by the Italian Ministry of Economy and Finance, according to a statement published on Lufthansa’s website. Both parties have, however, agreed on options for Lufthansa to buy the remaining ITA shares starting as soon as this year.

“With our investment, we will now strengthen the Italian and European aviation market and the position of the Lufthansa Group as number one in Europe,” said Lufthansa Chief Executive Officer Carsten Spohr.

The two-stage deal reflects Lufthansa’s efforts to gain a stronger foothold in one of Europe’s biggest aviation markets. The deal has faced tough scrutiny from the Brussels-based European Commission, particularly its effect on long-haul travel.

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