German Condor Airlines bought out by Polish Aviation Group

Deals

Polish Aviation Group (PGL), the owner of Polish national air carrier LOT, will take over the largest German holiday airline Condor, the Polish Prime Minister Mateusz Morawiecki has announced, Polish News Agency (PAP) has reported.

Photo by SubstanceTproductions/Shutterstock.com

“The takeover of Condor perfectly fits the strategy of PGL. This transaction also secures the future of Condor and guarantees stability and new prospects of development for employees, customers and business partners of the airline,” Rafał Milczarski, the head of PGL said on January 24.

The purchase of Condor by PGL was supported by bank Pekao SA, controlled by the Polish State Treasury.

Between 2009 and 2019 Condor was owned by British tour operator Thomas Cook, which went bust towards the end of last year. Around 9.4 million passengers fly annually with Condor from eight German airports to around 90 destinations in Europe, Africa and America.

The transaction is expected to be completed by April, once customary antitrust approvals are obtained and Condor exits the protective shield proceedings it entered in Germany.

When Thomas Cook collapsed in 2019, the carrier applied to the German government for financial support of EUR 380 million, PAP noted, as cited by Poland In.

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