Greek carrier Aegean Airlines signed a definitive agreement with Marfin Investment Group to acquire Olympic Air on 23 October. The transfer of 100 percent of Olympic Air shares was completed the same day.
The 100 percent acquisition of Olympic Air has been set at 72 million euros in cash, of which 20 million euros have already been deposited. The remainder will be payable in five equal annual installments, the first of which was paid on 23 October.
Upon completion of this transaction, Olympic Air becomes a subsidiary of Aegean Airlines, with the latter assuming also the management of the company.
According to Aegean, the acquisition of Olympic Air will result to a series of benefits for the passengers and will create potential for Greece’s tourism growth. Recently, Aegean announced a series of initiatives that focus on the increased connectivity with destinations abroad, and a new pricing policy for the remote areas network.
The total set of benefits, along with the presentation of Aegean’s post-acquisition planning, will be presented at an upcoming press conference.