**Condor opens door to Gulf carriers as strategic review begins** Condor, the German leisure carrier rescued by the state during the pandemic, is entering a new phase of transformation. Its main shareholder, asset manager Attestor, has launched a strategic review, and the German government is preparing to sell its 49% stake. In this context, CEO Peter Gerber has openly stated that a merger with a major international group is almost inevitable, explicitly naming Gulf carriers as potential candidates. **State exit and strategic options** Condor is currently 51% owned by Attestor and 49% by SG Luftfahrtgesellschaft, a vehicle representing the German federal government and the state of Hesse. This structure was put in place after the collapse of Thomas Cook in 2019 and the COVID-19 crisis, with state-guaranteed loans and a temporary equity stake. Attestor has mandated Barclays to explore options, including a partial sale. The goal is to repay all public aid, including KfW financing, by end-2026, after which Attestor could buy out the state or bring in a new partner. **CEO: "Condor will likely plug into a large conglomerate"** In an interview with Stern magazine, Gerber said: "Of course, you don't need to be a prophet to say that Condor will probably plug into a large conglomerate." He highlighted the consolidation trend in Europe and beyond, and noted that Gulf carriers, after their experiences with the US during the Iran-Iraq war, may want to reduce dependence on their home markets and seek partners in more stable regions. He named Emirates, Etihad, and Qatar Airways as interested parties, and also mentioned Turkish Airlines for its strong growth ambitions in Europe. **Lufthansa ruled out, Condor transformed** Lufthansa, Condor's former historical partner, is excluded from potential buyers due to competition concerns — a tie-up would strengthen Lufthansa too much on the German leisure market. Meanwhile, Condor has modernized its long-haul fleet with the Airbus A330-900neo, replaced its Boeing 767s, and launched new routes including London-Gatwick. Its distinctive striped livery has become a spotter favorite. **What this means for ATPL/ATC students** This news illustrates how airline consolidation and ownership structures evolve, directly impacting route networks, fleet planning, and employment opportunities. Understanding the strategic drivers behind such moves — like geopolitical risk, market access, and regulatory constraints — is essential for future aviation professionals who will navigate a rapidly changing industry.