Spanish investment fund GED, one of the most active buyers on the Romanian market, is expanding its travel business, after acquiring an 80% stake in travel agency Travel House, with 6 million euros in sales and a 110,000-euro net profit last year.
The transaction, conducted via Happy Tour, the biggest travel agency in Romania, which is held by the fund, comes less than two weeks after the conclusion of another deal, the acquisition of the paravion.ro website by GED.
"This transaction is part of Happy Tour's consolidation strategy - it aims to become the biggest travel operator in Romania on corporate, online, MICE (meetings, incentives, conferences, events) and holiday packages," said Javier Garcia del Valle, CEO of Happy Tour, with 29 million euros in turnover last year. The value of the transaction was not made public by the company official.
The transaction is in the process of being approved by the Competition Council, and will be finalised in the second half of June. Read an interview with the CEO of Happy Tour in ZF's Monday issue.
Spanish investment fund GED, one of the most active buyers on the Romanian market, is expanding its travel business, after acquiring an 80% stake in travel agency Travel House, with 6 million euros in sales and a 110,000-euro net profit last year.
The transaction, conducted via Happy Tour, the biggest travel agency in Romania, which is held by the fund, comes less than two weeks after the conclusion of another deal, the acquisition of the paravion.ro website by GED.
"This transaction is part of Happy Tour's consolidation strategy - it aims to become the biggest travel operator in Romania on corporate, online, MICE (meetings, incentives, conferences, events) and holiday packages," said Javier Garcia del Valle, CEO of Happy Tour, with 29 million euros in turnover last year. The value of the transactio
