Aegean Airlines completes acquisition of Olympic Air

Aegean Airlines on Wendesday announced the completion of the acquisition of Olympic Air with the signing of a final agreement for the purchase of 100 pct of shares in Olympic Air with Marfin Investment Group.

In a statement, Aegean Airlines said the value of the deal was 72 million euros. The Greek airline company has already paid 20 million euros during the signing of a pre-contract in October 22, while the remaining sum will be paid in five equal annual tranches of which the first was paid on Wednesday. Following completion of the acquisition, Olympic Air will become a subsidiary of Aegean Airlines. The acquisition will offer a series of advantages to passengers, creating increased possibilities for the country’s tourism growth. Aegean Airlines recently announced a package of actions aimed at boosting its scheduled flight programe with foreign destinations and a new pricing policy for flights to the country’s remote areas.