Polish Aviation Group (PGL), the owner of LOT Polish Airlines (LOT), announced the acquisition of Condor.
In September 2019 Thomas Cook ceased operations, but Condor survived to the collapse. Thomas Cook was one of the world’s oldest travel companies, very well know because of their package holidays.
According to a press release, Condor will continue to operate with the leadership of its, successful, management team and under the current brand offering the same quality, service and reliability to its customers.
“The combination of LOT and Condor will create one of the leading European aviation groups carrying about 20 million passengers per year.”
Unlike Thomas Cook, Condor received a lifeline from German state bank KfW; in the form of a €380 million bridging loan, allowing it to be rescued. Now with this agreement, PGL’s investment will allow Condor to fully repay the loan received from KfW.
Rafał Milczarski, President of the Management Board of PGL said:
“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. We wholeheartedly welcome all Condor employees to the PGL family and invite them to build together one of the greatest aviation groups in Europe.”
The offer to acquire Condor submitted by PGL was selected as the most attractive for Condor, 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.
“It also secures the future of Condor and offers stability and great opportunities to its employees, customers and business partners.”
says Rafał Milczarski, President of the Management Board of PGL .
The CEO of Condor, Ralf Teckentrup said:
“We are pleased that Condor, Germany’s most popular leisure airline, has gained in the PGL and LOT stable, experienced and dynamically developing partners who secure the future of our business. Together we will serve twice as many passengers, thus forming one of the largest aviation groups and the leading leisure airline group in Europe. Our partners and customers can safely plan their holiday flights with Condor.”
LOT operates more than 120 routes, with a fleet of 80 aircraft including 15 Boeing 787 Dreamliners. In 2019, they carried more than 10 million passengers.
On the other hand, Condor operates a fleet of more than 50 aircraft and every year around 9.4 million passengers fly with Condor; from eight German airports to around 90 destinations.