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Condor LOT

Polish Aviation takes over Condor

Condor LOT

© LOT

The Polish Aviation Group (PGL) is a new strategic investor of the airline Condor and will lead the airline safely out of the protective umbrella process, the company announced today. PGL is also the owner of the Polish airline LOT and wants to ensure lasting stability and safety for all customers, partners and employees of Condor. The brand and management of the successful German airline will also remain unchanged. The merger of Condor and LOT in the PGL Group will create a new aviation group in Europe with more than 20 million passengers per year.

 

"We want to further develop the traditional Condor brand in Germany and introduce it to other European markets. We wholeheartedly welcome all Condor employees to the PGL family and invite them to join us in building one of the largest aviation companies in Europe," says Rafał Milczarski, Chairman of the PGL Management Board. Ralf Teckentrup, CEO of Condor, is also optimistic about the future: "We are delighted that Condor, Germany's most popular holiday airline, has gained stable, experienced and dynamically developing partners with PGL and LOT, who will secure the future of our company".

The transaction is expected to be completed by April 2020, once the usual antitrust approvals have been obtained and Condor has completed the protective shielding process. PGL's investment will enable Condor to fully repay the loan received from KfW.

 

(Condor, career.aero)

Jan 24, 2020

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