Aegean merges with Cronus

Greek Avro RJ100 operator Aegean Airlines has announced an agreement to merge with Boeing 737 operator Cronus. The merger hopes to take advantage of the complementarity between Aegean’s domestic network and Cronus’ primarily international route system to create a strong competitor to troubled state-owned airline Olympic. Together, the two companies account for nearly 40% of the Greek air travel market, carrying more than 2.8 million passengers (including 2.4 million on Greek domestic flights). Current shareholders of Aegean will receive 77.5% of the shares of the new airline, with Cronus shareholders receiving the balance. Both brand names will continue to be used at first, with Aegean’s six Avro RJ100s and three ATR72s initially concentrating on Greek domestic routes and Cronus’ Boeing 737s focusing on international routes and charters. The merger is subject to regulatory approval.

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