LOT to buy German Condor – Creation of one of world's leading aviation groups announced

The Polish airline carrier LOT will buy the German air company Condor, the two companies announced and added that this will lead to the creation of one of the leading European aviation groups carrying about 20 million passengers per year.

Condor was a unit of the ruined British tour-operator Thomas Cook. After that company's crash, the German government approved a loan of EUR 380 million.

The offer to acquire Condor submitted by PGL has been 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, the press release says.

The value of the offer has not been disclosed, the Montenegrin portal Bankar reports. As said, Condor has a fleet of 50 aircraft, whereas LOT has 80.

PGL is the leading aviation company in Central and Eastern Europe. In 2019, LOT carried more than 10 million passengers, more than twice as many as 4 years before, the press release reads. PGL group generated revenues of around 1.9 billion euros in 2019.

In the 2018/19 financial year, Condor generated an operating profit of around 57 million euros and sales of around 1.7 billion euros.

Every year, around 9.4 million passengers fly with Condor from eight German airports to around 90 destinations in Europe, Africa and America.

LOT

Polish Aviation Group

PGL

Condor

Thomas Cook

LOT to buy Condor

purchase of Condor