LOT Polish Airlines Acquiring Condor Airlines

Earlier today in Europe sources have confirmed LOT for which is owned by Polish Aviation Group (PGL) has purchased Condor. Based on the deal the normal proceedings will take place with the governments and regualtors to make sure that it is not a conflict of interest with european and aviation governing authorities. Based on this all said and done the ownership will take place around April 2020. LOT agreed to purchase Condor for 300 million euro’s . Rafael Milczarski the Chief Executive of LOT made a statement that the deal is secured and is a perfect fit for LOT.

Condor is a long standing and well respected airline since its beginning of operations March 29, 1956. We have grown to love this airline over the years which had a strong presence and interest with Lufthansa. Over the years it became a major part of German tourism. The seventies and eighties were the strongest years that we noticed for the airline. A true classic was the Boeing 707 and the queen of the skies Boeing 747 in classic Condor livery. Things began to change in the nineties a little. Major changes came at the beginning 0f 2000’s when Thomas Cook AG and Thomas Cook Group slowly became a major investor in the airline operations. Finally on February 4, 2013 Thomas Cook Belgium and Condor would operate a major segment of Thomas Group Airlines.

On Monday September 23, 2019 in the early hours in the United Kingdom Thomas Cook the oldest tour operator in the world ceased flying and operations. During this fallout Condor continued to fly even though its major partnership had collapsed. Condor Airlines appealed to the German Government . After the collapse of Thomas Cook Condor was given 380 million euros to be used as a six month bridging loan by a financial bank group in Germany. Since then Condor also made a deal with flight attendants to cut 150 of its 2,400 flight attendant staff in addition to other cuts in generals staffing of 170 positions.

Plans for the Condor are to make it the leading european leisure airline. This reminds us of the earlier days as mentioned. Financial investment banks working with LOT and Condor deal are going to back up the deal from Germany as originally planned on accepting the loan. This deal will secure there future of the airline and opportunities to purchase an estimated twenty new aircraft to modernize Condors fleet. At this time Condor operates Airbus A320-200 versions Airbus A321-200. In addition it has aging Boeing 757-300 series of 15 in fleet and 16 Boeing 767-300ER’s .

With all this a great future for condor and a partnership with LOT Polish Airlines has endless opportunities for both. Certain competition need to be eying this deal as we feel the great days of Condor as a major leisure airline for the european and international market.

Source Fire and Aviation TV 1/24/20