LOT Polish Airlines S.A. agreed to acquire Condor Flugdienst GmbH from Thomas Cook Group plc and others for approximately €380 million on January 24, 2020. As per terms of transaction, LOT Polish Airlines S.A. will pay approximately €380 million of bridge financing provided by the KfW and guaranteed by the German Federal Government and the State of Hessen to Condor Flugdienst GmbH. Upon completion, Condor will continue to operate under same management team and under its own brand. Condor Flugdienst GmbH reported a sales of around €1.7 billion and net profit of €57 million for the year ended December 31, 2019. Transaction is subject to customary antitrust approval and other regulatory proceedings. As of February 20, 2020, the German Federal cartel office approves the transaction. As of March 12, 2020, majority of creditors approved the restructuring plan for the company which was submitted to court on February 11, 2020. As of April 10, 2020, the court in Frankfurt am Main has approved of the contingency plan for German charter airline Condor involving their sale to Polish carrier PGL. The transaction is expected to be completed by April, 2020. Lazard and Pekao Investment Banking acted as financial advisor and Maciej Zalewski, Marcin Studniarek, Matthias Kasch, Stefan Bressler, Andreas Kleinschmidt, Sven-Holger Undritz, Florian Degenhardt, Hendrik Röger, Justus Herrlinger, Martin Munz, Katarzyna Czapracka, Christian Bock, Katrin Helle, Anna Burghardt, David Wright, Béla Knof and Michael Leicht of White & Case acted as legal advisor to Polska Grupa Lotnicza S.A. the parent of LOT. Dirk Pahlke, Henning Block and Manuel Hoffmann of Rothschild & Co acted as financial advisors and Thomas Hoffmann, Marlies Raschke, Till Kosche, Sarah Blazek, Helge Heinrich, Andreas Naujoks, Torsten Wehrhahn, Simone Schönen, Torsten Kraul, Emma Lenze, obias Dolde, Ethel Nanaeva, Hans-Christoph Schimmelpfennig and Benjamin Jahn of Noerr LLP as legal advisor to Condor Flugdienst GmbH. LOT Polish Airlines S.A. cancelled the acquisition of Condor Flugdienst GmbH from Thomas Cook Group plc and others on April 13, 2020. LOT pulled out of a deal to buy Condor, raising the prospect of Berlin nationalising the troubled business.