The two airlines have confirmed the deal, which will allow the combined entity to serve 20 million passengers a year. LOT's owner has insisted a €380 million German government bridging loan will be repaid.
LOT Chief Executive Rafal Milczarski said the deal meant "there was no more uncertainty" about Condor's future after it was kept afloat with a German government loan.
Milczarski refused to say how much LOT had offered for Condor, adding, "We are going to pay a fair price, a price that will enable us to pay off the KfW loan in its entirety."
Polish Prime Minister Mateusz Morawiecki hailed the purchase saying: "Up until now foreign companies have been taking over Polish precious assets, now it is the other way round!”
The companies said Condor, which competes with Lufthansa and TUI fly would continue to operate under its current management and that the Condor brand would be expanded to other European markets.
The deal needs to be approved by EU competition authorities before proceeding in April.
Pairing doubles passenger numbers
The merger brings together two firms of almost the same size, with the Polish firm booking revenues of €1.9 billion in 2019, compared to Condor's €1.7 billion in its 2018-19 financial year.
Each served around 10 million passengers over the same periods.
Condor operates a fleet of more than 50 aircraft while LOT has a fleet of 80 aircraft.
Last week, Condor struck a deal with its flight attendants on plans to cut 150 of its 2,400 cabin jobs. That followed an earlier deal to cut 170 jobs in overhead operations.
Announcing the deal, Condor boss Ralf Teckentrup insisted that there would be no further layoffs.
Cabin crew union UFO reacted positively to the deal, calling it "very good news" and hailing the deal to avoid job cuts.
"As two strong airlines we'll be much stronger together, developing a profitable business is the most important way to secure jobs for workers," he said.
He added that holidaymakers can now "safely plan" their 2020 summer vacations with Condor.
One of the world's oldest travel agents, Britain's Thomas Cook collapsed in September leaving hundreds of thousands of people stranded around the globe. Its German subsidiary filed for insolvency a week later.
5 decades of flying high: Boeing 747
The ultimate passenger plane entered commercial service 50 years ago with a Pan Am flight from New York's Kennedy Airport to London's Heathrow. Though the original flight was delayed one day, it ushered in the jet age.
Image: picture-alliance/dpa/M. Reynolds
A wide-body wonder
Though its maiden flight was on February 9, 1969, the Boeing 747 actually entered commercial service nearly a year later with a Pan Am flight from New York to London. This first flight was originally scheduled for the 21st, but was delayed due to mechanical problems. With a nearly seven-hour delay — and replacement plane — history was made when on January 22, 1970 the 747 took off at 1:52 a.m.
Image: Getty Images/AFP
A fabulous interior
The first Boeing "jumbo jet" had a list price of $23 million according to contemporary reports. It was a true American invention and was assembled just outside Seattle in Everett, Washington, had 11 doors and room for up to 362 passengers. But it was the amazing roomy interiors with high ceilings that captured the imagination of travelers from around the world and made it so special.
Image: Getty Images/Fox Photos
Glamour in the skies
Within a month of its first flight, Pan Am added more flights connecting San Francisco, Los Angeles, Tokyo and Hong Kong. Soon other international airlines rolled out their own 747s. By June 1970, Boeing had orders for nearly 200 of the aircraft. The comfortable planes attracted the rich and famous. Here Gloria Swanson is seen in the 1974 disaster film "Airport 1975" also staring Charlton Heston.
Image: Imago Images/Universal Pictures/Mary Evans
Designing for the blue beyond
At the time not everyone was sold on the idea. Many feared there was no market for such a large plane and that it would be impossible to sell so many tickets to fill all the seats. Others worried that airports were unfit to handle the increased number of passengers all at once; how could so much luggage be loaded and unloaded? Still Joseph Sutter, head of the 747 design team, stuck to his plans.
Image: Elaine Thompson/AP/picture alliance
Powered by four turbofans
To start the "second jet age" the new 747s needed to be big, but also powerful. Its four engines were not made by Boeing but by Pratt & Whitney, a subsidiary of United Aircraft Corporation. They were the most powerful jet engines ever produced up until that time and generated an amazing 46,000 pounds of thrust to propel it 600 miles an hour — just what was needed for long transatlantic flights.
Image: Getty Images/AFP/T. Schwarz
Is bigger always better?
At first most airports were not prepared for such a massive jet, one that was well over twice the size of the Boeing 707. Runways needed to be lengthened and reinforced for the plane's 350 tons. Others needed to invest millions in new, bigger check-in areas, more waiting room and baggage capacity. One consequence of bigger planes was the entrenchment of the hub-and-spoke model for airlines.
Image: Fabrice Coffrini/AFP/Getty Images
The most famous 747
Air Force One, the American president's wings, is the most famous 747 to ever take off. In reality two 747-200s, the aircraft is only called AFO when the president steps onboard. Delivered in 1990, the planes are specially equipped and can be used as a flying White House. Though their paintjob is instantly recognizable, they are soon to be replaced with new 747-8s at a cost of over $3 billion.
Image: Reuters/J. Urquhart
An icon through and through
Over the years the plane has gone through updates. Gone are the bars and many of the other luxuries that once filled parts of the jet like grand pianos. Versions were lengthened and seats were reconfigured. The 747-400 can squeeze in 524 passengers. Still airlines looked elsewhere. In the US Delta was the last company to fly the passenger giants and even they retired the last one in December 2017.
Image: picture-alliance/dpa/M. Reynolds
A slow decline
In other parts of the world, the 747 is still in commercial service. British Airways has the largest fleet in operation. Yet slowly but surely after years of setting passenger records, the original jumbo jet also known as the "Queen of the Skies," has continued to fall out of favor compared with newer, more fuel efficient planes. In the last decade orders have been low even for cargo versions.
Image: picture-alliance/dpa
Pan Am lives on in Berlin
In 2019, no new 747s were ordered at all, though seven were still delivered. In all, over 1,550 have been made in the past five decades. Nonetheless, the heyday of the second jet age and Pan Am's double-deck glamour days is still alive at the Pan Am Lounge in Berlin. Still decorated in its classic 1970s style, today it's a private club full of nostalgia and can be rented out as a party location.