Germany: Condor reorganizes shareholder structure

Germany

Attestor will acquire the 49% stake previously held on behalf of the German Federal Government and the State of Hesse, with completion scheduled for August 2027

Image Credit: © AI generated illustration

German leisure airline Condor is reorganising its ownership structure following the early repayment of state aid in spring 2026. Attestor will acquire the 49% stake previously held by SG Luftfahrtgesellschaft on behalf of the Federal Republic of Germany and the State of Hesse.

The transaction is based on an option agreed when Attestor invested in Condor in 2021. That option has now been exercised, with completion of the transaction scheduled for 31 August 2027.

State involvement followed two major crises

The restructuring brings Condor closer to the end of a period that began with the collapse of its former parent company Thomas Cook in 2019 and was followed shortly afterwards by the COVID-19 pandemic.

The German Federal Government and the State of Hesse provided financial support to stabilise the airline during this period. Their involvement ultimately resulted in the 49% shareholding held through SG Luftfahrtgesellschaft.

Attestor entered Condor as an investor in 2021 and has since supported the airline's restructuring and strategic development.

State aid repaid ahead of schedule

A significant step towards the new ownership structure came in spring 2026, when Condor repaid the state aid it had received ahead of schedule.

The subsequent exercise of Attestor's existing option will now lead to the acquisition of the remaining 49% stake currently held through SG Luftfahrtgesellschaft. The planned closing in August 2027 gives the transaction a comparatively long period before formal completion.

Fleet renewal reshapes the airline

Condor has undergone substantial operational changes during the restructuring period. One of the most visible has been the renewal of its long-haul fleet, accompanied by continued modernisation of its aircraft for short- and medium-haul routes.

At the same time, the airline is developing its city network. The strategy is designed in part to provide additional feeder traffic for long-haul services at Condor's Frankfurt hub.

The combination of fleet renewal and an expanded network has broadened Condor's business beyond its traditional role as a predominantly leisure-focused point-to-point carrier.

Attestor prepares to consolidate ownership

Once the transaction is completed as planned, the state-related 49% shareholding created during Condor's crisis and restructuring period will pass to Attestor.

For Condor, the change marks another step in the transition from state-supported restructuring towards an ownership structure centred on the investor that has accompanied the airline since 2021.