Airlines Polish Aviation Group acquires Condor
Owner of LOT Polish Airlines, Polish Aviation Group, has announced it has acquired Germany leisure-carrier Condor.
After the German airline struggled with its finances over the past years, a new owner has now acquired the carrier. Polish Aviation Group has bought Condor and will ensure stability and certainty for customers, partners and employees.
The bridge financing was provided by the KfW and is guaranteed by the German Federal Government, stated Polish Aviation Group in a press release. The State of Hessen will be repaid in full, confirmed PGL.
Rafał Milczarski, President of the Management Board of PGL said: “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, added: “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.”
As PGL is the owner of LOT Polish Airlines, the both airlines will work together very closely. Condor and LOT will create one of the leading European aviation groups carrying about 20 million passengers per year.
PGL stated, that the Condor brand will remain under its new ownership, while the airline gains additional connectivity and operational synergies from the group members. Condor has become a trusted airline for tour operators and customers in Germany over the past decades.
As leading aviation company in Central and Eastern Europe, PGL owns LOT Polish Airlines, one of the oldest and fastest growing carriers in Europe. LOT currently operates more than 120 routes, including 18 long-haul connections to Asia and North America. Last year, the flag-carrier airline transported 10 million passengers.
Condor was founded back in 1956 and since then brings passengers to the most beautiful holiday destinations around the world. The fleet consists of more than 50 aircraft. Condor has operational bases at Frankfurt, Düsseldorf and Munich.
Source © condor-newsroom.condor.com