The Polish Aviation Group (PGL), which Polish national airline PLL LOT is part of, takes over Germany’s biggest vacation airline, Condor Air. Prime Minister Mateusz Morawiecki confirmed the deal on Friday.
At a press conference on Friday in Frankfurt am Main, representatives of Condor and LOT announced that the Polish offer was considered the most advantageous for the company, its employees, partners, suppliers and customers. LOT won the competition for the profitable airline beating several other investors, including the American Apollo fund and the British Greybull. The takeover was confirmed yesterday by Prime Minister Morawiecki. “It is evidence of the strength of the Polish economy,” the Prime Minister said at a press conference. Deputy Prime Minister and Minister of State Assets, Jacek Sasin emphasized that over the last three years PLL LOT has generated a PLN 700 million (EUR 164.8 million) profit, while over eight years earlier, it had recorded losses of PLN 2 billion (EUR 471 million). “PLL is developing today,” said the Minister.