Air Berlin, the biggest German discount airline, has reached agreement to buy Condor Flugdienst from the tour operator Thomas Cook for up to â‚¬475 million in stock to add routes and planes.
The stock portion of the deal, valued at $667 million, would leave Thomas Cook, based in Britain, with 29.99 percent of Air Berlin stock, Thomas Cook said Thursday. It will also receive â‚¬120 million in cash.
Condor is Air Berlin’s third major purchase in a year as the carrier seeks to compete with its larger rivals, Ryanair Holdings and EasyJet. For Thomas Cook, the second-largest European travel agency after TUI Travel, the deal fits with a strategy of scaling down operating assets to reduce risk following its merger with MyTravel Group in June.
source: International Herald Tribune