German aviation giant Lufthansa Group is acquiring a minority stake in Latvian carrier airBaltic, the two airlines said on Wednesday. The German group said it signed an agreement to purchase a 10% stake in the form of convertible shares for €14 million ($14.

Lufthansa has agreed to acquire a 10% stake in IPO-bound Latvian airline airBaltic, the German airline said on Wednesday, its latest move to expand its European presence and gain access to more planes to relieve its supply constraints.

Lufthansa Group has agreed to invest €14 million in AirBaltic for a convertible share representing a 10 per cent stake in the Latvia-based carrier, the companies announced on Wednesday. Lufthansa will also take a seat on AirBaltic's supervisory board. The deal is expected to close during the second quarter, subject to antitrust review.

Deutsche Lufthansa AG will buy a 10% stake in Latvian flag carrier AirBaltic AS as the German carrier group continues its consolidation push in Europe.

Lufthansa said on Wednesday it had agreed to receive a stake of 10% in Latvian airline airBaltic, as the German airline seeks to strengthen its international network. The stake will be issued in the form of convertible shares currently at a subscription price of 14 million euros,