By Adria Calatayud

Deutsche Lufthansa has agreed to sell payments business Lufthansa AirPlus Servicekarten to Sweden's SEB Group for 450 million euros ($491.4 million), both companies said Wednesday.

The German carrier group said the sale follows the recent divestment of its remaining catering business and will allow it to focus on its core business going forward. Lufthansa expects the deal to have a positive effect on its adjusted operating margin and on its adjusted return on capital employed, it said.

SEB said AirPlus is a compelling strategic fit for its SEB Kort payments-services provider and that the deal supports its strategic plans.

The deal is expected to close during the first half of 2024, subject to obtaining relevant external approvals, the companies said.

Write to Adria Calatayud at adria.calatayud@dowjones.com

(END) Dow Jones Newswires

June 21, 2023 01:35 ET (05:35 GMT)

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