Polish airline LOT acquires German carrier Condor
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).
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.
“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.
Welcome to The Points Guy!
WELCOME OFFER: 80,000 Points
TPG'S BONUS VALUATION*: $1,650
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.
- Earn 80,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $1,000 when you redeem through Chase Ultimate Rewards®. Plus earn up to $50 in statement credits towards grocery store purchases within your first year of account opening.
- Earn 2X points on dining including eligible delivery services, takeout and dining out and travel. Plus, earn 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, 80,000 points are worth $1,000 toward travel.
- With Pay Yourself Back℠, your points are worth 25% more during the current offer when you redeem them for statement credits against existing purchases in select, rotating categories.
- Get unlimited deliveries with a $0 delivery fee and reduced service fees on eligible orders over $12 for a minimum of one year with DashPass, DoorDash's subscription service. Activate by 12/31/21.
- Count on Trip Cancellation/Interruption Insurance, Auto Rental Collision Damage Waiver, Lost Luggage Insurance and more.
- Get up to $60 back on an eligible Peloton Digital or All-Access Membership through 12/31/2021, and get full access to their workout library through the Peloton app, including cardio, running, strength, yoga, and more. Take classes using a phone, tablet, or TV. No fitness equipment is required.