Lufthansa Group has agreed to invest 14 million euros in Air Baltic for a convertible share representing a 10% stake in the Latvia-based carrier. Lufthansa also would take a seat on Air Baltic's supervisory board.

Lufthansa Group has agreed to take a 10% convertible shareholding in Air Baltic, ahead of the Latvian carrier's upcoming initial public offering. The agreement - valued at €14 million ($14.6 million) - involves Lufthansa's acquiring convertible shares which would be changed to ordinary shares once the offering takes place.

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.

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.