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Etihad agrees to buy 49% stake in Alitalia

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Patrick Riviere | Getty Images

Abu Dhabi's state-owned Etihad Airways said on Wednesday that it had agreed principal terms and conditions to buy a 49 percent equity stake in Italy's Alitalia.

The two airlines will now finalize the deal as soon as possible, subject to regulatory approvals, Etihad added in a brief statement. It did not elaborate on the terms of the deal.

The board of troubled Alitalia voted on June 13 to accept an offer by Etihad to invest in the company, but did not give details. Italy's transport minister has said Etihad is prepared to invest up to 1.25 billion euros ($1.70 billion) over the next four years.