Thomas Cook’s former German carrier Condor has been acquired by the Polish airline group which owns Lot.
Condor is now a part of Polish Aviation Group, Polska Grupa Lotnicza (PGL), but will continue to be managed by its current leadership team.
The airline is part of PGL’s emerging leisure strategy, which specifically focusses on Germany.
“The acquisition of Condor fits perfectly into PGL’s strategy,” said Rafał Milczarski, president of the management board at PGL.
“It also secures the future of Condor and offers stability and great opportunities to its employees, customers and business partners.
“We want to develop Condor’s iconic brand in Germany and also introduce it to other markets in Europe.”
Ralf Teckentrup, chief executive officer at Condor, said the acquisition has made PGL one of the largest aviation groups in Europe.
The sale is expected to be completely closed by April 2020, once all the relevant approvals have come through.
Investment from PGL will repay Condor’s bridge loan from German bank KfW, which was guaranteed by the German Federal Government and the State of Hessen, after Thomas Cook collapsed.