Posted on: 23 October 2013 by Mark Howells
Aegean Airlines has signed a definitive agreement with Marfin Investment Group to acquire Olympic Air, completing the transfer of 100% of Olympic Air shares on the same day.
The consideration of 100% of Olympic Air has been set at €72 million in cash to be paid in installments. The amount of €20 million euros has already been advanced on 22 October 2012 and the remainder is payable in five equal annual installments, the first of which was paid on 23 October 2013.
Olympic Air now becomes an Aegean subsidiary, with the latter assuming also the management of the company.
The acquisition of Olympic Air aims to create a series of benefits for passengers and creates potential for the tourist growth of the country. Recently, Aegean announced a series of initiatives focussing on increased connectivity with international destinations, and a new pricing policy for the remote areas network.