Aegean Airlines buys Olympic Air rival for EUR 72 million

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The acute economic crisis in Greece, protests and fuel surges have caused Greek airline operators to lose significant amounts of money. Well, not only the Greek operators, but a large part of the aviation industry is facing such problems, only in the Greeks there is something more.

On October 22, Marfin Investment Fund said it agreed to sell in full Olympic Air by Aegean Airlines against the sum of 72 EUR million. A similar transaction was attempted through 2010, but the European Commission blocked this first merger project on the grounds that the new company could have a monopoly on the domestic flight market.

If all goes well and the European Commission approves the deal, Olympic Air will become a subsidiary of Aegean Airlines. Names, logos, aircraft and personnel will be kept, only the administrative parts will be shared.

Fleet in October 2012

AEGEAN Olympic Air
A321 4
A320 22 5
A319 3 2
Airbus Α320 Family 29 7
Bombardier Q400 0 10
Bombardier Dash 8-100 0 4
Total 29 21

Route (Summer 2012)

AEGEAN Olympic Air
Internal 19 38
International 51 7

FY 2011 annual financial results (in millions of €)

AEGEAN Olympic Air
Income 668.2 240.5
Net loss after tax (27.2) (37.6)

Passenger traffic in 2012 (estimated in millions of passengers)

AEGEAN Olympic Air
Internal 2.6 2.3
International 3.4 0.6
Total 6 2.9

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