Contact Air Flugdienst GmbH & Co has been acquired by OLT Express Germany
The regional airline OLT Express Germany has taken over the operations and fleet of the Stuttgart-based Contact Air Flugdienst GmbH & Co. The aircrafts of both companies will be merged under the brand name OLT Express. Both parties have agreed not to disclose any details about the transaction.
Founded by Gunther Eheim in 1974, Contact Air Flugdienst GmbH & Co. is a German airline based in Filderstadt, near Stuttgart.
In 2011, OLT was taken over by the Polish investor group Amber Gold and renamed to OLT Express Germany. Between the signing and Ccosing of the current deal, OLT was sold to the Dutch Panta Holdings, as Amber Gold intended to discontinue its aerospace business.
Under Panta Holdings BV's corporate umbrella, OLT Express Germany will take the announced expansion steps to establish a network of flight routes from German regional airports in the low cost segment.
Oaklins' team in Germany advised Contact Air on the whole sale process and selected OLT as the final buyer within a controlled, worldwide bidder process, as the partner who offered the most strategic and coherent overall option.
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