Aegean Airlines’ Controlling Stake in Animawings Faces Regulatory Scrutiny

The Romania Competition Council is investigating the proposed takeover of a controlling 51% stake in Animawings by Christian Tour Holding, the parent company of Romanian tour operator Christian Tour. Aegean Airlines, which currently holds the controlling stake in Animawings, faces scrutiny over the transaction. The competition regulator is evaluating the acquisition to ensure compatibility with a normal competitive environment and will issue a decision within the specified legal timeframe.

Christian Tour Holding, also known as Memento Group, is primarily active in providing tourist services, while Animawings specializes in charter flights for tour operators in Romania. The proposed takeover follows Aegean Airlines’ completion of the acquisition of an additional 26% shareholding in Animawings from Memento two years ago, increasing its stake to 51%.

Aegean Airlines’ move to potentially sell its controlling stake in Animawings to the tour operator raises questions about the competitive landscape in the Romanian aviation market. Financial details of the planned deal and the return of Animawings to the tour operator have not been disclosed. MCP Holding BV, a vehicle controlled by Memento Group and its CEO Cristian Pandel, currently owns the remaining 49% of Animawings.

Animawings, established in 2019 and launched in July 2020 with two A320-200s sourced from Aegean, operates charter flights. The carrier has faced financial challenges, with a reported turnover of EUR26.6 million (USD27.7 million) and a loss of EUR4.4 million (USD4.75 million). The competition investigation will shed light on the implications of the proposed takeover for the competitive dynamics of the Romanian aviation and tourism sectors. Stakeholders and interested parties have been invited to provide comments and points of view on the matter within a specified timeframe.

As regulatory scrutiny continues, the outcome of the investigation will shape the future ownership structure of Animawings and impact the strategic landscape of the Romanian leisure aviation market.