Polish Aviation Group (Lot Airlines) purchases Condor
An European aeronautical group founded with Germany and Poland as key markets
The commercial operation was announced today by PGL (Polish Aviation Group), owner of LOT Polish Airlines: thanks to a bridge-loan provided by the public bank of Frankfurt am Main, KfW, and guaranteed by the German Federal Government and the State of Hesse, the group has taken over Condor Airlines, a German leisure carrier that operates scheduled flights to holiday destinations.
With the acquisition, we intend to "develop the iconic Condor brand in Germany and also introduce it in other markets in Europe. We welcome all Condor employees in the PGL family and invite them to build together one of the largest aviation groups in Europe", Rafał Milczarski, President of the Board of Directors of PGL, commented.
Then an European group was founded "which carries around 20 million passengers a year. Condor will continue to act under its current banner, while benefiting from greater connectivity and operational synergies between the two airlines". The offer for the acquisition of Condor presented by PGL "has been selected as the most interesting. The transaction should be concluded by April 2020, once the usual antitrust approvals have been obtained, and when Condor exits the protection process (got following the bankruptcy of the Thomas Cook Group of which it was a subsidiary. The carrier continues to operate thanks to the bridge loan of EUR 380 million obtained by the government of Berlin through KfW, Editor's note). PGL's investment will allow Condor to fully repay the loan received from KfW".
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