Olympic Air

Olympic Air is a Greek regional airline operating under the Olympic name and six-ring visual identity associated with Greece’s former national carrier. It was created during the privatization and restructuring of Olympic Airlines, the successor to Olympic Airways, but was established as a new legal entity rather than as the direct legal continuation of the former state airline. The new company was acquired by Marfin Investment Group (MIG) in March 2009 and began limited operations on 29 September 2009, with full-scale operations starting on 1 October 2009 after Olympic Airlines ceased flying. The airline was designed to preserve the Olympic brand while operating at a smaller scale and with a more focused regional network. Its principal hubs are Athens International Airport and Thessaloniki International Airport, with Rhodes serving as a smaller secondary base. Olympic Air inherited the OA IATA code and used the OAL ICAO code associated with the former Olympic operation; it initially used the NOA code during its launch phase. Its network has focused particularly on domestic Greek routes, including island and other public-service-obligation connections, together with selected Balkan and international regional services. At launch, the company operated leased Airbus A319 and A320 aircraft alongside turboprop equipment. It ordered Bombardier Q400 aircraft to serve domestic and Balkan routes and later concentrated on turboprop operations. The airline also operated ATR 42 and ATR 72 aircraft and, according to the cited reference material, retained a fleet consisting of 13 ATR 72s, three ATR 42s and two Bombardier Dash 8 aircraft after the former Airbus fleet had been removed through restructuring and fleet changes. Olympic Air initially pursued independent growth. MIG management discussed new aircraft, code-share relationships, possible SkyTeam links, long-haul ambitions and the possible revival of the Macedonian Airlines name as a subsidiary. The company also introduced service initiatives such as mobile check-in, premium economy on selected turboprop flights and sponsorship of the Hellenic Olympic Committee. Its early strategy combined the emotional value of the Olympic name with a smaller operating model intended to fit the competitive Greek and European aviation markets. In February 2010, Olympic Air and Aegean Airlines announced an agreement to merge. The proposed transaction would have preserved the Olympic name and logo while phasing out the Aegean brand, but the European Commission opened an in-depth competition inquiry and blocked the transaction on 26 January 2011 because of competition concerns, especially on domestic routes, public-service routes and airport ground handling. A later transaction was approved on 10 October 2013, and Olympic Air became a subsidiary of Aegean Airlines. It has since functioned primarily as Aegean’s regional and domestic brand, particularly useful for serving smaller Greek airports and island destinations while Aegean operates the wider network.

Olympic Air emerged from the Greek government’s effort to privatize and reorganize Olympic Airlines. A 2008 restructuring concept proposed a new private carrier, initially associated with the Pantheon Airways project, that would operate alongside the old airline before taking over selected activities. An international sale process failed in early 2009 because the bids were considered inadequate. Direct negotiations then led the government to accept an offer from Marfin Investment Group for the flight operations and technical base, with MIG subsequently taking responsibility for ground handling as well. The transaction gave the new operation access to the Olympic name, the six-ring logo, selected airport slots, facilities and other operating assets, but the new airline was not legally the successor of Olympic Airlines and did not directly assume all of its employees or liabilities. The restructuring also reduced the scale of the network and required the surrender or sharing of certain monopolized subsidized routes. Olympic Handling began operations in June 2009, followed by Olympic Engineering and then Olympic Air itself in September and October. Olympic Air entered service with leased Airbus aircraft and turboprops. MIG ordered Bombardier Q400 aircraft for domestic and Balkan flying and sought to establish the company as a strong regional carrier. Management discussed code shares, future fleet orders, possible SkyTeam participation, long-haul flying and a Macedonian Airlines subsidiary based in Thessaloniki. Early public statements described a substantially smaller company than the former Olympic Airlines, with an emphasis on rebuilding the brand through a more disciplined operating structure. The company also sought to associate itself with Greek national and cultural institutions. It was selected as official carrier of the Hellenic Olympic Committee for the 2010–2012 period and committed to transporting Greek Olympic delegations. It introduced mobile check-in at Athens Airport and announced an educational program connected with the Acropolis Museum. In 2011 it announced premium-economy seating on Q400 aircraft for domestic and selected international services, alongside business-class service. The most important strategic development was the attempted merger with Aegean Airlines. Announced in February 2010, the proposed transaction was presented as a way for Greece to sustain a stronger national airline group against larger European competitors. The plan would have retained the Olympic brand after a transition period and integrated the two companies’ operations. The European Commission’s competition investigation identified substantial concerns because the combined carrier would have controlled a very large share of Greek domestic routes and would have united the principal bidders for certain public-service routes. The merger was blocked in January 2011. A revised transaction was ultimately approved on 10 October 2013. Olympic Air thereafter became a subsidiary of Aegean Airlines rather than disappearing entirely. Its role shifted toward regional and domestic connectivity, especially routes involving Greek islands and smaller airports, while Aegean maintained the broader network and larger-aircraft operation. The Olympic identity therefore survived as a specialized regional airline brand within the Aegean group.

• 2013

  Aegean transaction approved

  [1]Olympic Airen.wikipedia.org

  The European Commission approved the later sale of Olympic Air to Aegean Airlines.

• 2011

  Premium economy introduced on selected turboprop services

  [1]Olympic Airen.wikipedia.org

  Olympic Air announced a premium-economy product on Q400 aircraft for domestic and selected international flights.

• 2010

  Merger agreement with Aegean announced

  [1]Olympic Airen.wikipedia.org

  Olympic Air and Aegean Airlines announced plans to combine their operations under the Olympic brand.

• 2009

  MIG acquires flight operations and technical base

  [1]Olympic Airen.wikipedia.org

  Marfin Investment Group was selected to acquire the flight operations and technical base, later also taking over ground handling activities.

• 2009

  Olympic Air launches

  [1]Olympic Airen.wikipedia.org

  Limited operations began on 29 September and the airline’s full-scale launch followed on 1 October.

• 2008

  Government announces restructuring plan

  [1]Olympic Airen.wikipedia.org

  The Greek government announced a restructuring and privatization framework for the Olympic Airlines group, including the proposed Pantheon Airways vehicle.

A Greek regional airline combining the heritage of the Olympic name with a focused domestic and short-haul operating model.

• Passenger air transportation · 2009

  Scheduled domestic passenger services

  Olympic Air’s core activity is scheduled passenger transportation within Greece. The network has particularly served island, regional and mainland destinations, including routes supported through public-service obligations.

• Regional passenger aviation · 2009

  Regional international services

  The airline has operated selected short-haul international services, including routes linking Greece with Balkan and other nearby destinations. These routes complement its principal domestic role.

• Cabin services · 2011

  Business class and premium economy

  Olympic Air has offered business-class service and announced premium-economy seating on Bombardier Q400 aircraft for domestic and selected international flights.

• 2010Hellenic Olympic Committee sponsorship

  Greece · Canada · United Kingdom

  Olympic Air became official carrier of the Hellenic Olympic Committee for the 2010–2012 period and committed to transporting Greek Olympic delegations.

  Outcome. The sponsorship connected the airline’s commercial identity with Greek Olympic representation.

  Source
• 2009Olympic Air brand relaunch

  Greece

  The new carrier relaunched the Olympic identity with the Olympic name and six-ring logo after the privatization of the former national airline.

  Outcome. The brand remained in use and later became the regional subsidiary brand of Aegean Airlines.

  Source
• 2009Mobile phone check-in

  Greece

  Olympic Air introduced mobile-phone check-in for flights departing Athens Airport as an early customer-service and digital-service initiative.

  Outcome. The service made Olympic the first Greek airline identified in the reference material as offering this facility.

  Source

• 2013

  Complete approved sale to Aegean AirlinesM&A

  Background

  A later transaction was submitted after the earlier merger proposal had been rejected.

  Action taken

  The European Commission approved the sale, making Olympic Air an Aegean Airlines subsidiary.

  Aftermath

  Olympic Air continued as a regional and domestic brand within the Aegean group.

  Source

• 2010

  Agree to merge with Aegean AirlinesM&A

  Background

  Both Greek airlines argued that scale was needed to compete with larger European carriers and sustain a broad Greek network.

  Action taken

  Olympic Air and Aegean announced a combination intended to retain the Olympic brand during a transition.

  Aftermath

  The European Commission blocked the proposed merger in 2011 over competition concerns.

  Source

• 2009

  Adopt a smaller post-privatization operating modelStrategy

  Background

  The new company was created after the failed sale process and the restructuring of the former Olympic Airlines group.

  Action taken

  MIG launched Olympic Air with a reduced network and fleet plan, while retaining the Olympic name and selected assets and rights.

  Aftermath

  The airline began operations as a new legal entity and focused on domestic and regional flying.

  Source

1. 1Olympic Airen.wikipedia.org