LOT Polish Airlines has agreed a deal to acquire former Thomas Cook subsidiary Condor.
The flag-carrier hopes to combine with the leisure airline to create a leading European aviation group, with Germany and Poland as its core markets
A bridging loan of €380 million provided by German state bank KfW, needed to avert an “acute liquidity shortage” at Condor following the collapse of Thomas Cook, will be repaid as part of the agreement.
“The acquisition of Condor fits perfectly into LOT Polish Airlines’ 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,” said Rafał Milczarski, president of the LOT Polish Airlines board.
The Polish carrier said it would maintain the brand and management team of Condor.
The combination of LOT Polish Airlines and Condor will create a group carrying about 20 million passengers per year.
“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…