Attestor takes 51% shareholding of Condor

Condor announced (28-Jul-2021) Attestor has formally acquired a 51% stake in the carrier. The transaction has European Commission and anti-trust authority approvals, and state-aid approval for the acquisition of Condor through Attestor have also been granted. Attestor is investing EUR200 million in fresh equity capital in Condor, with another EUR250 million to be invested in fleet modernisation. The remaining 49% stake in the carrier will remain with SG Luftfahrtgesellschaft, held on behalf of the German Federal Government and the Government of the State of Hesse. Attestor has an option to acquire the remaining shares at a later date. To secure jobs in the long term, the Federal Government and the State of Hesse are supporting Condor's repositioning with a restructuring of the loan by KfW, a state-owned investment and development bank, in the form of a debt waiver. Condor stated it will repay the remainder of its loan from KfW on time as agreed. The carrier and its Condor Technik MRO unit will retain all of their workforce. Condor intends to use the fresh equity capital and better financial position to quickly ramp-up flight operations to meet growing demand. [more - original PR]