White & Case and Bakers secure clearance for Greek airline deal
White & Case and Baker McKenzie have White & Case and Baker McKenzie have successfully represented Aegean Airlines in front of the European Commission as the Greek air carrier progresses its bid to acquire rival Olympic Air.
October 09, 2013 at 10:02 AM
2 minute read
White & Case and Baker McKenzie have successfully represented Aegean Airlines in front of the European Commission as the Greek air carrier progresses its bid to acquire rival Olympic Air.
The two companies' initial attempt to merge was blocked by the Commission, though a subsequent in-depth investigation concluded that Olympic Air would cease operating were it not acquired by Aegean.
Today (9 October) the Commission approved the deal, which will cost Aegean a reported €72m (£61m).
White & Case was the lead counsel for Aegean, with Brussels competition partners Mark Powell and Assimakis Komninos co-heading a team that included EU law associates Strati Sakellariou, Jan Jeram and Roberta Rosso.
Baker & McKenzie provided co-counsel to Aegean, with EU competition partner Gavin Bushell taking a secondary role. Bushell previously acted for Aegean during the first merger attempt, while still an associate at Freshfields Bruckhaus Deringer.
Greek firm Dryllerakis & Associates handled the corporate aspects of the deal for Aegean. Olympic had no external counsel.
"We're very pleased to have supported Aegean this time round in securing clearance for its acquisition of Olympic," commented Powell.
"While the decision should be viewed in light of the current economic context in Greece, it nonetheless represents a first for EU merger control."
Komninos added: "The decision is very welcome news for the Greek airline sector and for Greek passengers as it will permit badly needed consolidation that will allow Aegean to compete more aggressively on the European stage."
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