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Analyst Research Report Snapshot


Aegean Airlines' Acquisition of Olympic Air Note




VRS (Valuation & Research Specialists)


29 Nov 2013





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On October 9, 2013, the European Commission announced its decision to approve the merger between Aegean Airlines and Olympic Air, Greece’s local airlines. The concept of the decision related to the need of both airlines to generate synergies and ensure sustainable growth in the domestic market. Each airline was to utilize its own company name and brand as well as to operate its own flight schedule via its own fleet. On October 23, 2013, Aegean Airlines announced the acquisition of 100% of Olympic Air’s share capital from its previous owner Marfin Investment Group (MIG – listed on Athens Exchange, ticker symbols: MIG:GA, MRFr.AT). The total consideration of the transaction amounted to EUR 72 million (or EUR 44.65 per share).

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