The vacation airline Condor, which had to be saved several times by the German state, has found a new majority owner. According to the company, asset manager Attestor is taking over 51 percent of the shares.

The buyer also wants to bring in around 450 million euros in Condor. After the bankruptcy of the Thomas Cook Group, the holiday airline had to be saved from grounding by means of a state-guaranteed KfW bank loan. The sale to the Polish LOT parent PGL collapsed due to the corona pandemic. The state again provided funding.

Attestor will initially take over 51 percent of the shares from Condor, the remaining 49 percent will continue to be held by SG Luftfahrtgesellschaft on behalf of the federal and state governments. The investor has the option to purchase the remaining shares at a later date. In order to secure jobs in the long term, the federal government and the state of Hesse are supporting the realignment of Condor by restructuring the KfW loan. This measure is still subject to EU state aid approval. In other words: Condor will again receive money from the German state.

“We are proud to convince Attestor von Condor as a traditional company that has stood for quality and service holidays for 65 years. Thanks to our partnership, we will also be able to advance our visions of consistently sustainable flying as well as product and digital innovations together with our partners in the industry. Our employees have impressively demonstrated that they go every extra mile - for Condor as a company, but also for our customers and partners. And that is exactly what we will do in the future, ”says Ralf Teckentrup, CEO of Condor.

Jan-Christoph Peters, founder and owner of Attestor: “Condor is a strong brand with a proven business model in an attractive market. As soon as the tourism market recovers, Condor will benefit particularly as the market leader in German holiday flights. After successful restructuring, the company has a very competitive cost position. With our investment, we not only create the conditions for a successful restart, but also for the long-term development of Condor into the leading European holiday airline. To do this, we are investing heavily in modernizing the fleet. "