White & Case Advises Polish Aviation Group on Acquisition of German Leisure Airline Condor
Global law firm White & Case LLP has advised the Polish Aviation Group (PGL), owner of LOT Polish Airlines S.A. (LOT), on the acquisition of Germany's Condor Flugdienst GmbH (Condor).
The combination of LOT and Condor will create one of the leading European aviation groups carrying around 20 million passengers per year. The acquisition, which was preceded by a bidding process in which PGL prevailed over several financial investors, is expected to close by April 2020 once customary antitrust approvals are obtained and Condor exits the protective shield proceedings. The parties have agreed not to disclose the value of the transaction.
PGL is a leading aviation company in Central & Eastern Europe. In 2019, LOT carried more than 10 million passengers and generated revenue of €1.9 billion. Condor carries around 9.4 million passengers per year. In the 2018/19 financial year, it generated operating profit of around €57 million and sales of around €1.7 billion.
The White & Case team which advised on the transaction was co-led by local partner Maciej Zalewski (Warsaw) and partners Marcin Studniarek (Warsaw), Matthias Kasch (Frankfurt) and Stefan Bressler (Frankfurt & Hamburg), and included partners Andreas Kleinschmidt (Frankfurt), Sven-Holger Undritz, Florian Degenhardt, Hendrik Röger, Justus Herrlinger, Martin Munz (all Hamburg) and Katarzyna Czapracka (Brussels), counsel Christian Bock (Frankfurt), Katrin Helle, Anna Burghardt (both Berlin) and David Wright (London), local partners Béla Knof (Hamburg) and Michael Leicht (Frankfurt) and associates Agmal Bahrami, Micha Gersdorf (both Frankfurt), Tobias Zündorf, Carola Boeckmann and Louisa Maier-Witt (all Hamburg).
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