European asset manager Attestor will acquire the remaining 49% of Condor on 31 August 2027, ending the German federal government and the state of Hesse's involvement in the Frankfurt-based leisure carrier and completing its transition to full private ownership.

The transaction follows the scheduled early repayment, in spring 2026, of state aid that stabilised Condor through two successive crises: the September 2019 collapse of its former parent Thomas Cook and the disruption of the Covid-19 pandemic. Attestor is exercising a purchase option on the minority shareholding, held by SG Luftfahrtgesellschaft on behalf of the two governments, that was written into its original investment agreement.

That agreement dates to 2021, when Attestor took a 51% majority stake in the airline. The deal carried a €200 million ($215 million) injection of fresh equity alongside a €250 million commitment to fleet modernisation — capital that has since reshaped the carrier's operation.

The state's exit closes a chapter that began when Berlin and Wiesbaden intervened to keep Condor flying after Thomas Cook's failure. The recovery package included loan restructuring and a debt waiver from state-owned development bank KfW, measures that bridged the airline until the Attestor investment took effect.

Since taking majority control, Attestor has driven a broad operational overhaul. Condor has renewed its long-haul fleet, expanded its short- and medium-haul operation, and built out a city network designed to strengthen feeder traffic into its main hub at Frankfurt.

The shareholder reorganisation carries practical consequences beyond ownership. Full private control removes the state from decision-making on fleet, network and capital allocation, and the early repayment of the aid removes the conditions attached to it. For Condor, the August 2027 completion date provides a fixed horizon: the airline now operates with a single owner whose returns depend on the fleet renewal and Frankfurt feeder strategy delivering improved economics.

The timeline also clarifies the exit path for the public shareholders. Rather than an open-ended holding, SG Luftfahrtgesellschaft's 49% position carries a contracted sale date, allowing both governments to plan the wind-down of their positions with certainty.

Once the transaction closes, Condor will stand as one of the few German carriers operating entirely under institutional private ownership, with Attestor holding the full equity and the state aid era formally concluded.