The travel group FTI is changing hands and is to receive fresh capital. The company, which was in distress during the Corona crisis, sees this as the basis for growth.
The US financial investor Certares wants to take over the Munich travel group FTI Group. A consortium led by Certares has signed an agreement to take over the group and its financing and will control the company in the future, the travel group announced.
According to the information, the consortium is acquiring the shares of all shareholders for one euro. According to the agreement, the travel group, which was supported by state aid during the Corona crisis, will receive 125 million euros in fresh capital for the next growth phase and to finance the digital transformation. The competition authorities still have to approve the deal.
The current shareholder has agreed to provide financial support and further investments, the statement said. Most recently, the main shareholder was the Egyptian investor family Sawiris.
Certares is a leading investor in the travel and tourism industry, said FTI boss Karl Markgraf. “With the support of Certares and its extensive experience in this sector, as well as the capital provided by the consortium, FTI is in a unique position for future growth and profitability (…).” The US investor is no stranger to Germany. Certares was interested in the Italian airline Ita. In the negotiations with the Italian state about an entry, Lufthansa finally came into play.
The FTI Group, with around 11,000 employees, was in distress during the pandemic, which plunged the industry into a serious crisis, and received millions in government aid. Recently, the travel group was back on track for growth thanks to increased demand. In the last financial year 2022/2023, the company recorded an increase in sales of 10 percent to 4.1 billion euros and generated earnings in the double-digit million range. The company did not provide further details about the result. For this financial year, the group expects a double-digit increase in sales and earnings compared to the previous year.
Source: Stern
