Polish airline LOT acquires German carrier Condor

Jan 24, 2020

This post contains references to products from one or more of our advertisers. We may receive compensation when you click on links to those products. Terms apply to the offers listed on this page. For an explanation of our Advertising Policy, visit this page.

Polish airline LOT announced Friday that the company has purchased German carrier Condor. The acquisition will bring Condor’s nearly 60 planes and 4,900 employees under the ownership of Polish Aviation Group (PGL).

Condor is a subsidiary of Thomas Cook, the British tour operator which collapsed in 2019. The German unit has continued to operate and remained profitable, according to The New York Times.

Related: Thomas Cook collapse led to “the biggest peacetime repatriation in British history”

Assuming all governing authorities grant antitrust approval, the Condor acquisition is expected to close by April 2020.

Condor CEO Ralf Teckentrup said that “our passengers have remained loyal to us” since Thomas Cook collapsed in September. Condor has maintained operations thanks to a $421 million bridging loan from the German government. Both Condor and LOT spokespeople stated Friday that “PGL’s investment will allow Condor to fully repay the loan.”

Condor will continue operating under the current brand and leadership and both airlines said that the new partnership will be beneficial thanks to “operational synergies.” Altogether, LOT and Condor expect to transport 20 million passengers a year.

Related: Here’s what to do when your airline goes belly up

“Maybe there was uncertainty about Condor’s future” in recent months, Rafal Milczarski, PGL and LOT chief executive, said at a Frankfurt news conference. “I would like to say very firmly today: There is no more uncertainty. Condor will not only survive, but it will grow very dynamically.”

Featured photo courtesy of Condor.

Chase Sapphire Preferred® Card

WELCOME OFFER: 60,000 Points

TPG'S BONUS VALUATION*: $1,200

CARD HIGHLIGHTS: 2X points on all travel and dining, points transferrable to over a dozen travel partners

*Bonus value is an estimated value calculated by TPG and not the card issuer. View our latest valuations here.

Apply Now
More Things to Know
  • Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 toward travel when you redeem through Chase Ultimate Rewards®
  • 2X points on travel and dining at restaurants worldwide & 1 point per dollar spent on all other purchases.
  • Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards. For example, 60,000 points are worth $750 toward travel
  • Get unlimited deliveries with a $0 delivery fee and reduced service fees on orders over $12 for a minimum of one year on qualifying food purchases with DashPass, DoorDash's subscription service. Activate by 12/31/21.
  • Earn 5X points on Lyft rides through March 2022. That’s 3X points in addition to the 2X points you already earn on travel.
Intro APR on Purchases
N/A
Regular APR
17.49% - 24.49% Variable
Annual Fee
$95
Balance Transfer Fee
Either $5 or 5% of the amount of each transfer, whichever is greater.
Recommended Credit
Excellent/Good

Editorial Disclaimer: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.

Disclaimer: The responses below are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered.