Aegean Airlines wins EU approval to buy Olympic Air for €72m

The European Commission announced its decision to approve the acquisition of Olympic Air by Aegean Airlines. The acquisition creates the conditions for the establishment of a sustainable Greek carrier, competitive within the Region and capable of supporting a growth momentum which will benefit Greek Tourism and the local economy. Following EU approval, the acquisition of the shares of Olympic Air and the assumption of management by AEGEAN is expected to be completed by 18/10/2013. The total consideration for the transaction has been set at €72 m., of which €20 m. have already been paid. Upon the completion of the acquisition, Olympic Air will become a subsidiary of the listed AEGEAN, while the process of unification of the support functions will begin immediately. The two brands and logos of the companies will remain with each one retaining distinct aircraft and flight activity.