Lufthansa Group has revealed that it has sold 16.2 million shares of Amadeus, reducing its stake in Amadeus from 7.61 per cent to four per cent.

With the sale of the shares, which represents 3.61 per cent of the shares in Amadeus, Lufthansa Group raised gross proceeds of EUR 307m.

Lufthansa Group said in a statement that it is ‘further pursuing its active portfolio management’. Through the sale Lufthansa Group is further ‘strengthening its liquidity position’.

Lufthansa, Iberia and Air France-KLM, all of which are major shareholders of Amadeus IT Holding, S.A., have each agreed to a lock-up period of 90 days for their respective remaining holdings.