Lufthansa announced on Wednesday that it would sell its payments subsidiary AirPlus to Sweden’s SEB Kort Bank for around 450 million euros ($490 million). The deal is expected to close in the fourth quarter of 2023.
This strategic transaction aligns with Lufthansa’s vision of refocusing on its core airline business.
AirPlus has established itself as a renowned provider of comprehensive corporate travel and expense management solutions. With a vast customer base exceeding 5 million clients, AirPlus processes more than €10 billion in transactions annually.
SEB is a large Swedish bank with a strong presence in corporate banking. The acquisition of AirPlus will give SEB a leading position in the European corporate payments market.
The sale of AirPlus is expected to generate a one-time gain of around 200 million euros for Lufthansa. The proceeds from the sale will be used to reduce the airline’s debt.
Simultaneously, SEB Kort Bank will benefit from the acquisition by consolidating its presence in the European corporate payments market, broadening its portfolio, and expanding its corporate banking business.
