Lufthansa Commercial Holding GmbH, a wholly-owned subsidiary of Deutsche Lufthansa AG, is selling its 52.6 per cent stake in Loyalty Partner GmbH to the British private equity company Palamon Capital Partners. Lufthansa will realise a book profit from the sale of around 100 million euros in the third quarter 2005.
“Our stake in Loyalty Partner was a first-class investment. Over a period of several years, we have helped fuel the growth of the company. By selling our shareholding, we are profiting from the increased value of our investment and taking further step in adapting our portfolio to our strategic aims”, observed Lufthansa Chief Financial Officer Dr. Karl-Ludwig Kley.
Regular monitoring of our portfolio is integral to our corporate strategy. “In pursuit of our successful portfolio management in the past few years, we have sold other interests such as stakes in DHL, Chef Solutions and Tank & Rast. The Group will continue concentrating on its core competences with the focus on our passenger business.” After the sale of its stake, Lufthansa will continue the successful cooperation between Miles & More and the PAYBACK bonus card programme operated by Loyalty Partner.