Polish flag carrier LOT interested in taking over Germany's Condor airlines

Polish Airlines LOT is among the three favorites to buy Germany's Condor airlines, after its parent, British Thomas Cook travel group went bankrupt, daily Puls Biznesu wrote on Monday.

Polish national airline LOT breaks 10 mln passenger milestone

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Other investors interested in the purchase are the American Apollo fund along with German tour operators and the British investment company Greybull. The price could reach EUR 250-300 million but according to experts, LOT would have no problem financing the transaction, the newspaper wrote.

According to Puls Biznesu, the deal could make sense for LOT given the fleet assets, the profitable existing business and LOT's need to expand its scale of operations.

The German carrier has 58 machines including A320 and A321 airbuses as well as B757 and B767 Boeing aircraft.

The state-owned company has been gradually expanding its offers, last week, it launched a direct connection from Warsaw to Beijing’s new Daxing airport

As LOT’s first plane landed at the new Daxing airport in Beijing, Rafał Mielczarski, the CEO of LOT said that the connection “opens a new chapter in the 90 year-long history of LOT.”

Beijing Daxing is one of the world’s largest airports. From its formal opening in September 2019 until the end of the year, Daxing airport serviced over 3 million passengers. LOT flies to Daxing four times a week.

In 2019, LOT set a new a new record in the company’s 90 year-long history, serving more than 10 mln passengers. As recently as 2015, LOT carried only 4.3 mln passengers. Last year, the carrier had its 15th Boeing 787 Dreamliner delivered, and will receive two more in 2020.

LOT plans to continue adding new long distance flights in 2020, with new connections between Kraków and New York as well as Warsaw to San Francisco. Other new routes to open in 2020 include Budapest to Stuttgart, Sofia, Belgrade, Brussels and Dubrovnik.