Turkish Airlines is coming closer to finalizing a deal to purchase LOT Polish Airlines, according to sources quoted by Rzeczpospolita.
In March, Turkish Airlines conducted due diligence to analyze the financial situation of the Polish carrier, according to the newspaper.
Talks with the Turkish carrier, whose interest in the state-owned airline was first mooted at the start of the year, are being taken very seriously, according to Magdalena Kobos, spokesperson for the Ministry of Treasury. She added that the government also launched a search for a privatization advisor to help with the process of selling off the state-owned entity.
According to Adrian Furgalski, head of the TOR Transport Consultants Group, the company can conservatively be valued at around zł.2 billion.
Turkish Airlines recently won the title of “Best Airliner in Europe” at the 2011 World Airline Awards. The airline currently ranks as the eighth-largest in the world.
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