But European Commission must first approve the deal
The Greek carrier Aegean Airlines has finalised a deal to buy Olympic Air from Marfin Investment Group for €72 million. The deal creates a combined €1 billion company, but Aegean wants to turn Olympic Air into a subsidiary with Olympic continuing to operate under its existing brand. The two carriers’ networks will be optimised and back office functions combined. However, the European Commission must first approve the deal. The EC rejected an attempt at a merger in 2010, saying it would result in a “quasi-monopoly on the Greek air transport market”.
Both airlines posted losses in 2011: Aegean Airlines with a €27.2 million loss (€668.2 million turnover), Olympic Air with a €37.6 million loss (€240.5 million turnover).