The Polish Aviation Group PGL, parent company of the Polish airline LOT, is set to take over the battered holiday airline Condor.
The transaction is expected to be completed by April, once antitrust approvals have been received.
The new owner, which is 100 percent owned by the Polish state, is expected to quickly repay German state aid loans of EUR 380 million made to Condor after the takeover. Thanks to this bridging loan, Condor was able to continue flying after the bankruptcy of British tour operator Thomas Cook.
Almost all of the 5,000 Condor employees will be maintained, and the merger of LOT and Condor will create one of the leading aviation groups in Europe with more than 20 million passengers a year.
The German federal government described the sale of the airline to the Polish airline LOT as a “good signal.”