Investment firm Attestor plans to acquire the remaining 49% of German leisure airline Condor from the German government by September 30, exercising an option it has held since 2021 after the carrier repaid a state-backed loan ahead of schedule, a person familiar with the matter told Reuters.
The transaction will give Attestor full ownership of Condor, which it rescued alongside the German government following the collapse of former parent Thomas Cook and the COVID-19 crisis.
Attestor is exploring the possibility of bringing in a strategic airline partner to support Condor’s future growth, but intends to complete the purchase regardless of whether it finds one before the deadline, the source said.
The British asset manager acquired a 51% stake in Condor from the German government in 2021, investing 200 million euros ($228.5 million) in equity and committing a further 250 million euros to fleet expansion.
Although there is no immediate timetable, Attestor would ideally like to sell a minority stake to a larger airline or airline group at a later stage, the source added.
Attestor and Condor declined to comment.
Condor Chief Executive Peter Gerber told Stern magazine this month that Gulf carriers and Turkish Airlines could be potential partners, while suggesting a domestic buyer such as Lufthansa would face greater antitrust hurdles.
Turkish Airlines did not immediately respond to a Reuters request for comment.
Airline analyst John Strickland said a strategic airline shareholder could support Condor’s expansion and would be a logical fit for Attestor, which is not a specialist aviation investor.
Condor operates a fleet of nearly 60 aircraft, employs around 5,500 people and carries close to 10 million passengers a year.
Source: Reuters.com