Back in January, I had posted about Turkish’s desire to own LOT and based on reports today out of Warsaw, it looks that Turkish has moved one step closer to it becoming reality.
Polish newspaper Rzeczpospolita suggested that Turkish has concluded its due diligence review of LOT’s financial condition. In the newspaper article, it was suggested that LOT carried a value of 2 billion zloty ($630 million dollars).
Additionally a spokesperson for Poland’s Treasury suggested that an adviser will be retained in May to assist with any sale.
I suspect that within 2 years, the European Airline landscape will be radically different. Just in the past few weeks Finnair, SAS and TAP Portugal have all indicated a willingness as a target for acquisition or partnership.