In the latest press release. It is now revealed that the Polish Airlines LOT buys the German Condor Airline. It is the Polish Aviation Group (PGL), which owns LOT Polish Airlines, which has entered into an agreement to buy German airline Condor following the bankruptcy of Thomas Cook.
The acquisition of Condor fits perfectly into the Polish Aviation Group’s strategy. It also ensures the future of Condor, which is known for providing good stability and provides good opportunities for employees, customers, and partners. The Polish airline wants to develop Condor’s iconic brand in Germany and also introduce it into other markets, says the President Rafal Milczarski of the company.
LOT is one of the oldest Polish airlines to Warsaw
After the acquisition, the group will have around 20 million travelers a year, making it one of the largest airlines in Europe. It is also the oldest Polish airlines to Warsaw that is still in operation. Together with Condor, this group will serve twice as many passengers, forming one of the largest airline groups and the largest leisure aircraft grouping in Europe.
A billionaire from Norway saved Ving in the Nordics
Their partners and customers can now safely plan their vacation trips with Condor, says Condor Manager Ralf Teckentrup. A nicer future for Condor should now be the reality. After the fall of Thomas Cook, many didn’t make it. Also here in Scandinavia, there was some turbulence.
When Thomas Cook went under leaving tens of thousands of passengers stranded and thousands of staff out of work, Thomas Cook Scandinavia moved quickly to distance itself from trouble. The Nordic business had always been operated at arms length from the U.K.-based Thomas Cook under the name Ving Group. It did suspend flights following the parent company’s bankruptcy but resumed them within a couple of days.
The Norwegian billionaire hotel owner and entrepreneur Petter Stordalen have led the purchase of the Ving Group by a group of investors. Stordalen’s company Strawberry Group takes a 40% stake in the airline along with capital fund Altor. TDR Capital owns the remaining 20%. Through Strawberry, Stordalen also owns the Nordic Choice hotel chain consisting of around 200 properties, almost all of which are in Norway and Sweden. So he helped lots of people. That’s something not so many, billionaires do.
So with Condor been saved by LOT and Ving by Petter Stordalen. Workers keep their working place which is the most important thing.
Some interesting LOT airline facts!
LOT Polish Airlines, is locally known as Polskie Linie Lotnicze LOT S.A. The airline base is in the capital of Poland which is Warsaw and it was established on 29th of December 1922 when it was named Aerolloyd. It is one of the world’s oldest airlines in operation. At first it was named Aerolloyd until but in 1925 that company merged with other privately owned airlines and so LOT was established!
LOT airline is a company that got a fleet of 90 aircrafts. The LOT Polish Airlines flies to 134 destinations across Europe, Asia and North America. Now with Condor under their wings they are even bigger. Most of the destinations originate from its hub at Warsaw Chopin Airport (in the future Central Port of Communication). LOT is also member of the Star Alliance.
LOT Polish Airlines FAQ
When did LOT start up?
In 1925. So it is one of worlds oldest airlines in the world today.
Is LOT a Star Alliance member?
Yes it is.
What is the LOT website?
That is www.lot.com
Source: Corporate LOT Press Release, Wikipedia