German airline company Lufthansa has reportedly agreed to sell corporate payment services provider AirPlus to Sweden-based bank SEB for 450 million euros.
In the statement made by Lufthansa Group, it was stated that Sweden-based bank SEB has agreed to buy business travel payments service provider AirPlus (AirPlus Servicekarten GmbH) from Lufthansa for 450 million euros.
The agreement covers all of AirPlus’ international 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, after the necessary approvals have been obtained.
AirPlus will continue to be a member of the global payment network UATP after the sale.
Following the sale of food services provider LSG Group in April and most recently the acquisition of minority stakes in Italy’s flag carrier airline ITA, the sale of AirPlus was considered the next major step in the Lufthansa Group’s strategy of concentrating on its core business.
The deal is also expected to have a positive impact on Lufthansa’s operating profit due to AirPlus’s capital-intensive business model.