Aegean completes Olympic acquisition

This story is sourced from Pro
See more Pro news »

Aegean Airlines has taken ownership of Olympic Air after reaching a "definitive agreement" with Marfin Investment Group.

The deal sets consideration at €72 million ($99 million) in cash, to be paid in installments. Having already advanced €20 million to Marfin, Aegean today paid the first of five equal installments covering the remainder.

Acquisition of its erstwhile Greek rival "results in a series of benefits for the passengers, and creates potential for the tourist growth of the country", says Aegean, which intends to retain the two separate brands