Etihad Airways (EY, Abu Dhabi International) has acquired a 75% shareholding in Alitalia Loyalty S.p.A, the owner and operator of MilleMiglia, Alitalia’s frequent flyer program with the Italian carrier retaining the remaining 25% stake. Valued at EUR112.5 million (USD128.4 million), the acquisition is being financed by Etihad through a cash investment.

“The investment is part of the recapitalisation and restructuring of Alitalia, which provides the airline with a sound financial platform for its future growth, and also reinforces our commitment to providing our passengers with the best possible service.” Silvano Cassano, Chief Executive Officer of Alitalia, said.

Following the acquisition, Alitalia Loyalty will become part of Etihad's Global Loyalty Company (GLC), a loyalty and lifestyle company that now operates frequent flyer programs for seven airlines around the world including Etihad and its affiliates Air Berlin (1991), Jet Airways.