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September 2022, Virtual
September 29 2022, Virtual
Aegean has finally completed the purchase of its fellow Greek airline Olympic for €72 million.
The two airlines had originally agreed on a merger in 2010 but this first attempt to bring the companies together was blocked by the European Commission on competition grounds.
But Aegean’s offer to buy Olympic was cleared by the EC at the second attempt due to Olympic’s poor financial position.
Aegean said in a statement: “Upon completion of this transaction, Olympic Air becomes an Aegean subsidiary, with the latter assuming also the management of the company.
The acquisition of Olympic Air results in a series of benefits for the passengers and creates potential for the tourist growth of the country.
Recently, Aegean announced a bundle of initiatives that focus on the increased connectivity with destinations abroad, and a new pricing policy for the remote areas network.
EU Competition Commissioner Joaquin Almunia gave clearance for the purchase on October 9 when he said: "We approved the merger because it has no additional negative effect on competition”.
"It is clear that, due to the ongoing Greek crisis and given Olympic's own very difficult financial situation, Olympic would be forced to leave the market soon in any event,” added Almunia.