Lufthansa sells AirPlus to Swedish SEB

German airline Lufthansa has reportedly agreed to sell corporate payment service provider AirPlus to Swedish SEB for €450 million.

In the statement made by the Lufthansa Group, it was indicated that the Swedish bank SEB agreed to buy AirPlus (AirPlus Servicekarten GmbH), a provider of business travel payment services, from Lufthansa for 450 million euros.

The agreement covers all international AirPlus subsidiaries and branches as well as Lufthansa AirPlus Servicekarten GmbH in Neu-Isenburg, Hesse, Germany.

The sale agreement is expected to be completed in the first half of next year, once the necessary approvals have been obtained.

EXPECTED POSITIVE IMPACT ON OPERATING RESULT

AirPlus will remain a member of the UATP global payment network after the sale.

Following the sale of food service provider LSG Group in April and, more recently, the acquisition of minority stakes in Italian flag carrier ITA, the sale of AirPlus was seen as the next big step in Lufthansa Group’s strategy to focus on its main activity.

The deal is also expected to have a positive impact on Lufthansa’s operating profits due to AirPlus’ capital-intensive business model. (AA)