Attestor to take full control of Condor by Sept. 30, source says

• Attestor will exercise an option to buy the government's 49% stake after Condor repaid a state-backed loan ahead of schedule, completing full ownership by Sept. 30
• The firm invested 200 million euros in equity in 2021 and committed a further 250 million euros to fleet expansion
• Potential strategic partners include Gulf carriers and Turkish Airlines, while a domestic buyer like Lufthansa would face greater antitrust hurdles; Condor operates nearly 60 aircraft and carries close to 10 million passengers annually

Attestor to Take Full Control of German Airline Condor by September

Investment firm Attestor plans to acquire the remaining 49% stake in German leisure airline Condor from the German government by September 30, 2025, exercising an option held since 2021. This follows Condor's early repayment of a state-backed loan and will give Attestor full ownership of the carrier.

Key Transaction Details:

• Attestor currently owns 51% of Condor, acquired in 2021 for €200 million ($228.5 million)
• The firm previously committed an additional €250 million for fleet expansion
• The German government obtained its stake after bailouts in 2019 (following Thomas Cook's collapse) and 2021 (during COVID-19)

Strategic Plans:

Attestor is exploring bringing in a strategic airline partner to support Condor's growth but will complete the purchase regardless of whether a partner is found by the deadline. The firm ideally wants to sell a minority stake to a larger airline or airline group at a later stage, though no immediate timetable exists.

Potential Partners:

Condor CEO Peter Gerber indicated Gulf carriers and Turkish Airlines as potential partners, noting that domestic buyers like Lufthansa would face greater antitrust challenges.

Company Profile:

Condor operates nearly 60 aircraft, employs approximately 4,000 people, and transports close to 10 million passengers annually.

Market Implications:

This transaction represents ongoing consolidation in the European airline sector, with private equity seeking strategic airline partnerships to enhance competitive positioning in the leisure travel market. The involvement of potential Middle Eastern carriers could reshape competitive dynamics in European leisure aviation.