Aegean Airlines (A3, Athens) has reached agreement with Olympic Air (OA, Athens) Marfin Investment Fund to acquire 100% of the shares in Olympic Air. Based on initial reports, Olympic would continue to operate as a separate carrier if the merger is approved by Greek authorities and the European Commission. The two carriers had already proposed to merge two years ago but at the time the deal had to be cancelled as the European Commission did not approve the merger due to the large market share the two carriers would have had in the Greek market together. It is widely expected that the merger is more likely to be approved this time around given Olympic Air is now a lot smaller and more competitors such as Cyprus Airways (1947) (Larnaca) have entered the Greek domestic market.