German flag-carrier Lufthansa has exercised its put option to place a 24.9% share of holiday carrier Condor with tour operator Thomas Cook.

Thomas Cook already held 75.1% of Condor and the acquisition of the other 24.9% has become possible through the put option which became effective today.

In a statement confirming the transaction, Thomas Cook says the agreed price of the option is €77.19 million ($100.8 million), payable in cash.

Thomas Cook had originally intended to link the acquisition to a sale of Condor to Air Berlin, but this plan collapsed last year during a prolonged German regulatory inquiry over competition.

Source: Air Transport Intelligence news