STORY: Lufthansa finally won EU approval to buy a stake in ITA Airways on Wednesday.

The deal is for 41% of the Italian airline and worth $350 million dollars.

The German carrier promised a 'swift integration' of ITA in a statement.

The deal follows an antitrust review by the European Commission.

Both Lufthansa and Italy's ministry of economy had offered multiple remedies to get the agreement through.

EU antitrust head Margrethe Vestager said the remedies fully addressed competition concerns.

She further said it ensured a sufficient level of competitive pressure remained on all relevant routes.

The Commission confirmed Lufthansa and ITA had agreed to cede Italian short-haul routes to one or two rivals.

Lufthansa can only close the deal once rivals start operating the routes.

Analysts say it will not be easy to turn around ITA, and Lufthansa will likely need to make a significant investment to rebuild it.

However, it should boost Lufthansa's presence in the lucrative southern European market, and offers key long-haul routes.