Polish Aviation Group selected as preferred investor for Condor Flugdienst

Condor Flugdienst and LOT Polish Airlines announced (24-Jan-2020) Polish Aviation Group (PGL), the owner of LOT Polish Airlines, was selected as the preferred bidder for acquisition of the airline. Condor CEO Ralf Teckentrup said the takeover will create "one of the largest aviation groups and the leading leisure airline group in Europe", handling about 20 million passengers p/a. PGL president and LOT CEO Rafał Milczarski commented: "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". He added the company aims to develop the Condor brand in Germany and also introduce it to other markets in Europe. The transaction is expected to close by Apr-2020 following antitrust approvals and will put an end to protective shield proceedings in place since 2019. PGL's investment will also allow Condor to fully repay the EUR380 million loan received from KfW provided by the German government. [more - original PR - English/German]