LOT buys Condor:
Perfect fit for PGL? — February 2020
In a surprising move, the Polish Aviation Group (Polska Grupa Lotnicza or PGL), parent company of LOT Polish Airlines, has emerged as the preferred acquiror of Condor, Germany’s largest inclusive tour airline, following the failure of its parent company Thomas Cook Group in September 2019. The deal is expected to close in April 2020 once competition authority approvals are obtained. It is unlikely that this will be a problem.
The German Government and the State of Hesse had guaranteed an emergency bridging loan of €380m to keep Condor flying through the winter season. Under the terms of the deal it appears that this loan will be repaid in full, and for the moment at least PGL will continue to operate Condor on a stand-alone basis. There are few other details of the acquisition deal.……