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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.