German logistics specialist Zeitfracht Gruppe has formally acquired LGW - Luftfahrtgesellschaft Walter (HE, Dortmund) from Lufthansa Group with the change in ownership to take place on April 1.

A joint press release issued following the signing of the contract on February 20 said that despite the change in ownership, LGW would continue to carry out wet-lease operations for Eurowings using its fleet of seventeen Dash 8-400s.

"The move to Zeitfracht Group strengthens the future viability of LGW," Eurowings CEO and Chief Operating Officer Michael Knitter said. "We are pleased that the wet-lease will continue to allow LGW, with its professionalism, expertise and passion, to work for us and our customers."

For its part, Eurowings said the removal of the Bombardier Aerospace turboprops from its purview would reduce complexity with its fleet to now consist entirely of Airbus narrowbody machinery. Eurowings inherited LGW after Lufthansa acquired the carrier from Air Berlin (AB, Berlin Tegel) during bankruptcy proceedings in 2017.

For its part, LGW adds to Zeitfracht's growing portfolio of airlines which also includes WDL Aviation (WH, Cologne/Bonn) and a 10% stake in Blue Air (Romania).