The deal requires a "green light" from the Industry Ministry. Once that is done, government-appointed administrator Augusto Fantozzi said he "will accept" the offer from Compagnia Aerea Italiana, ANSA reported Thursday.

With debts that reached $1.71 billion in November last year, the airline has been struggling to find a buyer. The Italian government loaned the airline $477 million to keep it afloat in April after Air France-KLM (OTCPK:AFRAF) walked away from negotiations.

The investment group's offer was in the neighborhood of $1.24 billion, ANSA reported.