Air Berlin Acquires German Airline LTU

Germany's Air Berlin PLC said Tuesday it bought Duesseldorf-based airline LTU for euro140 million in cash to expand the business.
In addition Air Berlin will assume between euro190 million and euro200 million of LTU's debt.
"Through this transaction, the Air Berlin group will become the largest airline in the most important German source market," the company said.

LTU will remain a legally independent company within the Air Berlin group, with its own management, and will retain its own name "in the foreseeable future," Air Berlin said. The acquisition makes Air Berlin the fourth largest airline for European traffic behind Ryanair, Air France/KLM and Lufthansa, the company said.
Separately, Air Berlin it agreed to buy a 49 percent stake in Switzerland's Belair Airlines AG, a unit of the Hotelplan group. Financial details were not disclosed.
"Air Berlin aims to increase its activities in the Swiss market," the company said.
Both the LTU and Belair deals are subject to regulatory approval.

Source: forbes.com