Attestor’s Acquisition of a Majority Stake in Condor Flugdienst GmbH

Noerr advised Condor Flugdienst GmbH on the deal.

English private equity fund Attestor Capital LLP has acquired a 51% stake in Condor.

stor was the successful bidder in a structured tendering process. By acquiring a majority stake, Attestor is setting the course for Condor’s secure future. 

Attestor is investing 200 million euros of fresh equity capital and will provide an additional 250 million euros of equity capital to modernise Condor’s long-haul fleet. All 4,050 jobs at the airline and the company’s own maintenance subsidiary Condor Technik will be retained.

Attestor is initially acquiring a 51 percent stake in Condor, while the remaining 49 percent will remain with SG Luftfahrtgesellschaft, which holds its shares on behalf of Germany’s federal government and the government of the state of Hesse. The investor has the option of acquiring the remaining shares at a later time. The restructuring company SG Luftfahrtgesellschaft is a vehicle of Team Treuhand GmbH, a company for restructuring trusts belonging to the Noerr Group.

Condor Flugdienst GmbH operates as a leisure airlines. The Company provides passenger flights, and fleet of aircrafts for short, medium, and long haul flights, as well as training for pilots, and shuttle services. Condor Flugdienst operates in Germany.

The Noerr team included Dr Thomas Hoffmann (Picture – Restructuring, Berlin/Frankfurt, team lead), Marlies Raschke (Insolvency Law, Dresden), Sarah Blazek (State Aid Law, Munich), Dr Andrea Braun (Restructuring, Frankfurt), Georg Edelmann (Tax, Munich), Dr Dorian Legel (Finance), Dr Till Kosche (M&A, both Frankfurt), Dr Hans-Christoph Schimmelpfennig (Employment Law, Munich), Dr Kathrin Westermann (Antitrust Law, Berlin), Dr Claus Zimmermann (Foreign Trade Law, Brussels); Associates: Sabrina Lux (Restructuring, Frankfurt), Dr Daniel Dommermuth (Employment Law, Munich), Eike Hofmann (Corporate, Dresden)

Involved fees earner: Sarah Blazek – Noerr; Andrea Braun – Noerr; Daniel Dommermuth-Alhäuser – Noerr; Georg Edelmann – Noerr; Thomas Hoffmann – Noerr; Eike Hofmann – Noerr; Till Kosche – Noerr; Dorian Legel – Noerr; Sabrina Lux – Noerr; Marlies Raschke – Noerr; Hans-Christoph Schimmelpfennig – Noerr; Kathrin Westermann – Noerr; Claus Zimmermann – Noerr;

Law Firms: Noerr;

Clients: Condor Flugdienst GmbH;

Author: Federica Tiefenthaler