Attestor to buy out German state stakes in Condor by August 2027

Condor will pass entirely into private ownership under a plan agreed with its majority investor, the European asset manager Attestor.

Attestor bought a 51% controlling interest in the airline in 2021 and is now exercising an option to buy the rest. The remaining 49% is held through SG Luftfahrtgesellschaft, a holding vehicle acting for the German federal government and the state of Hesse. The share purchase is due to close on 31 August 2027.

The sale follows the repayment of state support that kept Condor afloat through earlier financial trouble. That financing had been scheduled for early repayment in spring 2026.

The German state and Hesse stepped in after Condor's former parent, Thomas Cook, failed in 2019, a crisis made worse by the Covid-19 pandemic. The rescue involved restructuring loans and the writing off of debt by KfW, the state-owned development bank.

According to the agreed terms of the 2021 deal, Attestor's initial investment included €200 million in new equity and a €250 million pledge for fleet modernisation.

Since taking control, the investor has seen Condor overhaul much of its operation. Long-haul aircraft have been replaced, the short- and medium-haul fleet has grown, and the city network has widened to feed more passengers into its base at Frankfurt airport.

When the share deal completes, public ownership of the carrier ends and Attestor becomes its sole shareholder.