- Attestor has exercised its option to acquire the remaining 49pc stake in Condor.
- The transaction is expected to be completed by 30 September.
- Attestor bought a 51pc stake in 2021 after Thomas Cook’s collapse.
- The option was unlocked after Condor repaid its KfW loan ahead of schedule.
- Attestor is seeking a strategic airline partner for a minority stake.
Investment firm Attestor has exercised its purchase option to acquire the remaining 49pc stake in German leisure airline Condor from the German government, with the transaction expected to be completed by 30 September 2026. Attestor bought a 51pc majority stake in Condor in 2021 as part of a joint rescue with the German government following the collapse of parent company Thomas Cook. The option to buy out the government’s remaining stake was unlocked early after Condor repaid its state-backed KfW bank loan ahead of schedule.
In its initial 2021 entry, Attestor invested €200m in equity and committed an additional €250m to modernising Condor’s fleet. Eliminating government ownership removes the quasi-public safety net, allowing lenders and lessors to view Condor as a standalone credit entity. Attestor is actively looking to bring in a strategic airline partner such as a legacy or international carrier to acquire a minority stake and support long-term operational growth.
Condor has a fleet of Airbus A330-900s and Boeing 757-300s among other types, operating leisure routes from Germany to destinations worldwide. The airline has been undergoing fleet renewal with the Airbus A330-900 as its long-haul flagship. Attestor intends to complete the buyout independently before potentially introducing a minority partner.
