German Airline Condor Rescued as Investor Attestor Swoops In
(Bloomberg) -- Financial investor Attestor Ltd has acquired a majority stake in German airline Condor, rescuing a company that’s survived on government support after the coronavirus pandemic punctured the boom in air travel.
Attestor, a wealth management company with around 5.5 billion euros ($6.7 billion) in assets, will pump 200 million euros of capital into Condor and spend an added 250 million euros renewing its fleet of aircraft.
In exchange, the invetor will receive a 51% stake. SG Luftfahrtgesellschaft, a trustee acting for the German state, will retain a 49% holding in Condor, with Attestor having the option to purchase the remainder at a later date.
Attestor was founded in 2012 by German investor Jan-Christoph Peters. The company has holdings in car rental firm Europcar Mobility Group and several hotels in Italy and the Netherlands.
The German government had previously lent 550 million euros to Condor to keep it afloat. That loan will now be restructured as part of the Attestor deal, Condor said in a statement.
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