Aegean Airlines On 21 October 2012, Aegean Airlines announced that it had struck a deal to acquire Olympic Air, and the buyout was approved by the European Commission a year later, on 9 October 2013. Both carriers continue to operate under separate brands. In addition, Aegean Airlines participated in the final stages of the tender for the privatization of Cyprus Airways, the national carrier of Cyprus. Following the bankruptcy of Cyprus Airways, Aegean Airlines established a hub at Larnaca Airport, thus initiating scheduled flights to and from the island to various destinations and filling the service gap created by the services termination of Cyprus Airways.
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