Asset manager Attestor has acquired 51% of Condor shares and set the course for a secure future of the airline. Attestor will invest €200 million of equity capital and will provide a further €250 million to modernize Condor’s long-haul fleet. This will ensure the rapid ramp-up of flight operations after the Corona pandemic and will further enable the long-term development of Germany’s popular leisure airline under the strong Condor brand. All 4,050 jobs at the airline and the company’s own maintenance subsidiary Condor Technik will be retained.
Attestor is initially acquiring a stake of 51% in Condor, while the remaining 49% will remain with SG Luftfahrtgesellschaft, which holds its shares on behalf of Germany’s federal government and the government of the state of Hesse. The investor has the option of acquiring the remaining shares at a later time. In order to secure jobs in the long term, the German federal government and the state of Hesse are supporting Condor’s repositioning with a restructuring of the KfW loan. This measure is subject to approval under EU state aid legislation. Condor will repay the remaining KfW loan as agreed in due time. (€1.00 = US$1.22 at time of publication.)
