24-Oct-2013 7:07 AM

Aegean Airlines completes acquisition of Olympic Air

Aegean Airlines signed (23-Oct-2013) a definitive agreement with Marfin Investment Group for the acquisition of Olympic Air. Olympic Air will now operate as a subsidiary of Aegean Airlines. The transfer of 100% of Olympic Air's shares was completed on 23-Oct-2013, at a cost of EUR72 million to be paid in installments. Aegean Airlines advanced the amount of EUR20 million on 22-Oct-2013, with the remainder to be paid in five EUR10.4 million annual installments, the first of which was paid on 23-Oct-2013. A presence conference will be held on 31-Oct-2013 to outline the company's post-acquisition planning. [more - original PR] [more - original PR - Greek]