After surviving the fallout of Thomas Cook Airways, Condor is set to be purchased by Polish Aviation Group (PGL) – owners of LOT Polish Airlines.
The Group will purchase the airline – which should put an end to the long term uncertainty that surrounds it.
Condor will bring PGL a fleet of 50 aircraft, connecting 90 destinations from 8 German airports, along with its Condor Technik arm. This will combine with LOT, who operates a network of 120 routes and 80 aircraft.
The combination of LOT and Condor will carry about 20 million passengers per year
It will use Condor as the basis of a leisure airline based in Germany, as well as adjacent markets.
According to PGL, the offer to acquire Condor submitted by PGL has been selected as the most attractive for Condor, its employees, partners, suppliers and customers.
The current management team will remain in-situ, and the Condor brand name will be retained.
Meanwhile, the bridging loan provided by KfW (guaranteed by The German Government and the State of Hessen) will be repaid in full. The transaction is expected to close by April 2020 once antitrust approvals are obtained and Condor exits the protective shield proceedings are all complete.
Rafał Milczarski, President of the Management Board of PGL states
“The acquisition of Condor fits perfectly into PGL’s strategy. It also secures the future of Condor and offers stability and great opportunities to its employees, customers and business partners. 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,”
Ralf Teckentrup, Chief Executive Officer Condor said
“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. 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,”
A survivor – now for it to thrive
With LOT’s purchase of Condor, it will have to prove itself in the marketplace. The purchase of the airline should bring reassurance to both passengers and employees that aircraft will continue to take off, people will get from A to B and parties get paid.
With the parents of LOT behind it – the challenge for Condor, will be it not just to survive like has done, but to thrive – to build out new bases and attract new custom.
But a long-held aviation name will continue to fly – even if it is with another owner soon.