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Olympic Air & Aegean Airlines merger

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  • Olympic Air & Aegean Airlines merger

    The main shareholders of AEGEAN AIRLINES and OLYMPIC AIR have reached today an agreement regarding the merger of their respective activities, resulting in the formation of a new company that will be listed on the Athens Exchange.

    Full press release here.

  • #2
    Hmmmmm - I would say that's good news for aviation in Greece... and with the new airline being called Olympic, we will still see the "Rings" flying around

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    • #3
      And not a moment too soon...

      Well, it's not as if the Greek Government has much of a choice at this point in time. With them begging for money (and a trecherously harsh cutback looming with 'austerity measures' already on the roll) it's about time for them to ceede Olympic to the private sector. It has long since not been profitable, and at this moment, the Greek Governemnt does not have the money to waste behind it. Perhaps now, we can see a profitable airline that is better run than before.
      Whatever is necessary, is never unwise.

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      • #4
        AA,

        Just to clear up any confusion - the merger is between Aegean Airlines and the already privatized Olympic Air owned and run by the MIG Group. If you recall, Olympic Airlines was privatized last year and since October 2009 has been flying as Olympic Air with a new livery and all-new fleet.

        Aegean Airlines and Olympic Air decided to merge since the extreme competition between the two during the last few months, especially in the fairly limited Greek market, was proving to be a loss-making situation for both airlines. The merger will see the two airlines controlling 95% of the Greek market - this is also raising some concerns with regard to competition and whether the low ticket prices we've enjoyed over the last few years will continue to remain so.

        However - rumor also has it that the deal between the two airlines had already been struck since around this time last year when the MIG Group were in talks with the then Greek government to take control of the former Olympic Airlines. This rumor is not only circulating in the press, but I have also heard it from friends working for Aegean Airlines.

        Anyway, let's wish the new airline good luck and hope that it will manage to once again rise to the glory of the former Olympic Airways.

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        • #5
          It seems that Star Alliance will have soon a new member called Olympic Air.
          TAP - Transportes Aéreos Portugueses

          Voe mais alto. Fly higher.

          www.flytap.com

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          • #6
            Originally posted by TAP-A343 View Post
            It seems that Star Alliance will have soon a new member called Olympic Air.
            Correct - Aegean Airlines is due to join the Star Alliance in June, but once the merger is completed it will be replaced by the new Olympic Air.

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            • #7
              Perhaps a cash infusion/investment from Sugar Daddy LH might help them as well. It would be a great entry prize to celebrate Star Alliance membership...
              Whatever is necessary, is never unwise.

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