Thomas Cook Merges Condor with Air Berlin

Thomas Cook Group plc will merge its stake in Condor Flugdienst GmbH with Air Berlin PLC. Air Berlin therewith becomes one of the leading European airlines and will with Condor be able to enlarge its long-distance flight business, which it runs since the acquisition of LTU.

Thomas Cook Group is consequently executing on its Asset Light-Strategy as promised. Both partners expect positive synergies of at least Eur70 million. Thomas Cook will receive at least €500 million in shares and cash and has the option to gain a total amount of €600 million over the positive share price development of Air Berlin.

Through the integration of Condor into Air Berlin Thomas Cook will in addition achieve positive effects on its balance sheet and results. The transaction is subject to the approval by the cartel authorities.

Air Berlin already offers a range of attractive flight connections between hubs like Düsseldorf, Berlin and Majorca. Through the integration of Condor Air Berlin will be able to increase the attractiveness of its offer at the airports Frankfurt, Munich and Hamburg. In addition Air Berlin has just placed the biggest order in Europe for the currently most modern aircraft model Boeing 787 Dreamliner.