German charter airline Condor will be acquired by investment fund Attestor, which pledged to invest in new planes to help the carrier emerge from the coronavirus crisis, Condor said on Thursday.
Attestor will purchase a 51% stake from the German state for 200 million euros ($244 million) and plans to invest a further 250 million euros to modernise Condor’s fleet, the airline said in a statement.
A planned sale to Poland’s national carrier LOT, for about 300 million euros ($357.7 million), fell apart last year when the coronavirus crisis grounded air travel.
Attestor, which manages about 5.5 billion euros for university trusts and wealthy families, has the option to acquire the remaining 49% in Condor from the federal government and the state of Hesse later, the statement said.
Source: Reuters.com