Aegean Airlines has acquired Olympic Air for EUR72 million.
Under the deal with Aegean and Marfin Investment Group (MIG) Olympic Air will become a subsidiary of Aegean and retain its own logo, name, aircraft and staff. However some routes and aircraft are set to be changed as Aegean merges its network, commercial and back office into its own. Competition authorities must first approve the deal.
Theodoros Vassilakis, chairman of Aegean Airlines said the move was vital to ensure a national carrier for Greece that drives tourism.
“Our subscale size, combined with the effects of the unprecedented Greek crisis, restricts our ability to successfully compete within the European and global aviation market leading us to further losses and further reductions of size and scope. As a result we are faced with the immediate danger of Greek tourism, an industry essential for the country’s recovery, becoming entirely dependent on foreign carriers with permanent losses in local employment and state revenues,” he explained.
“Aegean still possesses the financial reserves to lead the consolidation of aviation in Greece to the benefit of tourism and state revenues as well as our employees and shareholders. The synergies from this agreement will allow us to reduce unit costs and offer enhanced network coverage with competitive prices to the consumers. We hope that all Greeks will support us in this challenging, ambitious and necessary endeavor,” he added.