Lufthansa close to selling IT subsidiary
FRANKFURT: German flagship airline Lufthansa is close to selling a majority of its IT subsidiary Lufthansa Systems, publication Manager Magazin reported on Thursday.
The two remaining bidders are IBM and Indian conglomerate Tata Group, the magazine said in a pre-release of its Friday edition.
Citing sources close to the deal, the publication said Tata had better chances of securing the deal. The winner would take over 51 percent of the company, giving it the rights for corporate management, the magazine said.
Lufthansa, Tata and IBM all declined to comment.
Lufthansa Systems, which has about 3,000 employees, provides consulting and IT services to aviation companies. It generated 595 million euros ($860 million) of revenue last year, or about 2 percent of group revenue.
Copyright Reuters, 2011
Comments
Comments are closed for this article.