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 the transaction regardless of finding a partner before the deadline
• Condor operates nearly 60 aircraft, employs 4,000 people, and carries close to 10 million passengers annually; potential partners include Gulf carriers and Turkish Airlines, though domestic buyers like Lufthansa may face antitrust hurdles
• Attestor originally invested 200 million euros for 51% equity in 2021 and committed another 250 million euros for fleet expansion, with plans to ideally resell a minority stake to a larger airline group at a later stage

Summary

UK investment firm Attestor plans to acquire the German government's remaining 49% stake in leisure airline Condor by September 30, exercising an option held since 2021 after the carrier repaid a state-backed loan ahead of schedule. This will give Attestor full ownership of the airline.

Key Transaction Details:

• Attestor acquired its initial 51% stake in 2021 for €200 million ($228.5 million)
• The firm committed an additional €250 million for fleet expansion
• The government stake became available following bailouts in 2019 (after parent company Thomas Cook's collapse) and 2021 (during COVID-19)

Strategic Plans:

Attestor is exploring bringing in a strategic airline partner to support growth but will complete the purchase regardless of finding one before the deadline. The firm ideally seeks 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 identified Gulf carriers and Turkish Airlines as potential partners, noting that domestic buyers like Lufthansa would face greater antitrust challenges.

Company Profile:

• Fleet: Nearly 60 aircraft
• Employees: Approximately 4,000
• Annual passengers: Close to 10 million

Market Implications:

The transaction represents continued private equity involvement in European aviation consolidation. A strategic partnership with a major carrier could strengthen Condor's competitive position in the leisure travel market, while potential Turkish or Gulf airline involvement would signal further Middle Eastern expansion into European aviation.