Former Thomas Cook Unit Condor Sold to Polish Airline Group
Skift Take
The deal secures Condor's immediate future. But can a small carrier group really hope to compete against the might of Lufthansa and low-cost carriers such as Ryanair?
The parent company of Polish carrier LOT is buying German airline Condor, creating a new European airline group.
Condor was formerly part of Thomas Cook Group, but it has been searching for a new owner since the latter’s collapse in September. To keep flying over the quieter winter months, Condor secured a loan of $419 million (€380 million) from the German federal government and the state of Hesse.
Although the parties gave no purchase figure, Rafał Milczarski, president of the management board of Polish Aviation Group (PGL), LOT’s owner, called it a "fair price" and one that enabled Condor to pay back the loan.
“The acquisition of Condor fits perfectly into PGL’s st
