The Alitalia board on Saturday unanimously agreed to accept an offer by Air France KLM to acquire control of the ailing Italian carrier–subject, however, to a number of what the parties call “effectiveness conditions” that must be fulfilled by March 31.

“The board has carried out its evaluation of the binding offer also in light of the worsened airline sector and macro-economic scenario, as well as considering the critical situation of the company and available alternatives,” AZ said in a statement, noting that the proposal offers “the appropriate solution” to preserve its assets and to promote both rapid and stable restructuring and long-term development.