German leisure airline Condor is set to restructure its shareholder base after the early repayment of state aid, with investor Attestor exercising an option to acquire a 49% stake held on behalf of the German government and the state of Hesse.
The stake, currently held by SG Luftfahrtgesellschaft, will be transferred to Attestor under an agreement reached when the investor acquired a stake in Condor in 2021. The transaction is scheduled to close on August 31, 2027, Condor said.
The deal marks the end of an exceptional period for the airline, which received government support after the collapse of its former parent Thomas Cook and the disruption caused by the COVID-19 pandemic.
The German government and Hesse provided support to stabilise Condor during the crisis, while Attestor became a long-term investor in 2021 and has since backed the airline’s strategic development.
Condor has renewed its long-haul fleet in recent years and is continuing to expand its short- and medium-haul operations. It is also adding destinations to its city network as it seeks to strengthen feeder traffic into its Frankfurt hub.
