An apparatus and method to recover heat from and cool flue gases. As shown in FIG. 1, a condenser 10 is provided having two packed beds (20/26) and separate condensate loops. The condensate loops are configured such that first packed bed 20 maximizes heat recovery from flue gas 12 and second packed bed 26 maximizes cooling of flue gas 12. Temperature differences between entry flue gas 12 and recovered condensate 38 are minimized while temperatures differences between exit flue gas 34 and return condensate 54 is also minimized.