Marfin
Investment Group Holdings S.A (“MIG”) announces on
Monday
22, October, the signing of the agreement for the sale of 100% of
Olympic Air S.A (“Olympic”) to Aegean Airlines S.A (“Aegean”)
Following
the completion of the transaction, Olympic Air will become a
subsidiary of the listed Aegean. The brand names and logos of the two
companies will be maintained and each will have distinct aircraft and
flight staff. The unification of administrative, planning, purchasing
and commercial functions will lead to substantial economies of scale,
in buying power and elimination of duplicate systems. Fleet usage and
network planning will be optimized to improve efficiencies and
connectivity while improving coverage and product offer.
The
deal is subject to approval by the Competition Authorities, a process
which will also determine the timing of its execution.
The
consideration for 100% of Olympic Air has been set at €72 mil with
payment in installments to MIG by Aegean. The shareholding structure
of Aegean is not affected by the transaction.
Theodoros
Vassilakis, Chairman of Aegean Airlines, commented on the deal:
«Aegean Airlines and Olympic Air in recent years have invested $2
billion in a brand new fleet. Their service quality has been
recognized with the receipt of numerous industry Awards. The two
companies contribute in excess of €270 million to the Greek state
revenues in airport taxes, fees, social security contributions.
However, our subscale size, combined with the effects of the
unprecedented Greek crisis, restrict our ability to successfully
compete within the European and Global Aviation market leading us to
further losses and further reductions of size and scope. As a result
we are faced with the immediate danger of Greek Tourism, an industry
essential for the country’s recovery, becoming entirely dependent
on foreign carriers with permanent losses in local employment and
state revenues.
Aegean
still possesses the financial reserves to lead the consolidation of
aviation in Greece to the benefit of tourism and state revenues as
well as our employees and shareholders. The synergies from this
agreement will allow us to reduce unit costs and offer enhanced
network coverage with competitive prices to the consumers. We hope
that all Greeks will support us in this challenging, ambitious and
necessary endeavor»
Companies’
Profiles
Fleet
October 2012
|
|
AEGEAN
|
OLYMPIC
AIR
|
|
A321
|
4
|
|
|
A320
|
22
|
5
|
|
A319
|
3
|
2
|
|
Airbus Α320 Family
|
29
|
7
|
|
|
|
|
|
|
|
|
|
Bombardier
Q400
|
0
|
10
|
|
Bombardier
Dash 8-100
|
0
|
4
|
|
Total
|
29
|
21
|
Routes
(Scheduled network – Summer 2012)
|
|
AEGEAN
|
OLYMPIC
AIR
|
|
Domestic
|
19
|
38
|
|
International
|
51
|
7
|
Annual
Financial Results FY 2011 (in million €)
|
|
AEGEAN
|
OLYMPIC
AIR
|
|
Revenue
|
668.2
|
240.5
|
|
Net
losses after taxes
|
(27.2)
|
(37.6)
|
Passenger
traffic 2012 (estimate in million passengers)
|
|
AEGEAN
|
OLYMPIC
AIR
|
|
Domestic
|
2.6
|
2.3
|
|
International
|
3.4
|
0.6
|
|
Total
|
6.0
|
2.9
|
