Back in September, Thomas Cook Airlines filed for bankruptcy, leaving its German subsidiary Condor without a parent company. A €380m loan was quickly approved by the German authorities to keep the airline running as it had been. The airline had remained profitable throughout this period, so it was not long before an airline would acquire it.
Earlier today, LOT Polish Airlines‘ parent company, Polish Aviation Group, announced the purchase of the carrier. This acquisition will nearly double LOT's current fleet, and it gives them a strong footing in Germany and Poland. Currently, it appears that the carriers will not merge into one, retaining both brands. This practice is quite common in Europe with a parent company owning multiple airlines from different nations. LOT also plans to repay the loan granted to Condor by KFW, Germany's development bank.
This acquisition has been well received in Poland, and it is seen as a reversal of the current trend of acquisitions. Mateusz Morawiecki, Poland's Prime Minister described this transaction as "proof of the strength of the Polish economy."
With this news, LOT also announced plans to retire Condor's aging 767-300 aircraft, with a goal of replacement by 2024. LOT had retired their 767s back in 2013. This move will allow both airlines to operate modern and efficient aircraft, which will allow them to remain profitable. This acquisition is expected to close by April.
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