Greece's Aegean airline to buy rival Olympic Air
ATHENS (AP) - Greek airline Aegean says it has agreed to purchase its main rival Olympic Air for S$115 million, nearly two years after an attempted merger was blocked by the European Commission on the grounds that the combined carrier could have monopolized the national market.
Under the purchase deal announced on Monday, Olympic Air will become a subsidiary of Aegean and the two will maintain their own names and logos, as well as fleet and staff. Aegean said the agreement is pending approval from the competition authorities.
Aegean has 29 aircraft and serves 19 domestic and 51 international destinations. Olympic flies to 38 domestic and seven international destinations, with a fleet of 21 planes.