Polish Aviation Group (PGL), the owner of LOT Polish Airlines (LOT), on Friday announced the acquisition of former Thomas Cook Group subsidiary Condor.
Τhe combination of LOT and Condor is expected to create one of the leading European aviation groups carrying about 20 million passengers per year.
“The acquisition of Condor fits perfectly into PGL’s strategy… We want to develop Condor’s iconic brand in Germany and also introduce it to other markets in Europe,” said Rafał Milczarski, President of the Management Board of PGL.
According to Milczarski, the acquisition also secures the future of Condor and offers stability and great opportunities to its employees, customers and business partners.
Condor will continue to act under its current leadership while gaining from expanded connectivity and operational synergies between the airlines.
According to Condor’s CEO, Ralf Teckentrup, the acquisition will lead to Condor serving twice as many passengers, thus forming one of the largest aviation groups and the leading leisure airline group in Europe.
“We are pleased that Condor, Germany’s most popular leisure airline, has gained in PGL and LOT stable, experienced and dynamically developing partners who secure the future of our business… Our partners and customers can safely plan their holiday flights with Condor,” Teckentrup said.
Despite the decision of Thomas Cook to file for bankruptcy in September 2019, Condor continued its flight operations and was able to receive bridge financing provided by the German state-owned development bank KfW and guaranteed by the German Federal Government and the State of Hessen, and was given time to work out a solution.
Condar said that the offer submitted by PGL was selected as the most attractive for the company, its employees, partners, suppliers and customers.
The transaction is expected to close by April 2020 once customary antitrust approvals are obtained and Condor exits the protective shield proceedings. PGL’s investment will allow Condor to fully repay the loan received from KfW.
Condor operates a fleet of more than 50 aircraft. PGL-owned LOT Polish Airlines operates a fleet of 80 aircraft including 15 Boeing 787 Dreamliners. PGL group generated revenues of around 1.9 billion euros in 2019.
Condor is represented in Greece and Cyprus by Discover the World.