Travelocity to take reins of Europe businesses
Travelocity plans to take control of its European businesses in a deal that will cost the company over 26 million euros.
The online agent, which is owned by Sabre Holdings Corporation, currently operates Travelocity Europe through a joint venture with German holding company OFT.
The deal means Travelocity will acquire ownership of all of its European businesses outside Germany at a cost of 26.6 million euros. This includes operations in the UK, France, Norway, Sweden and Denmark. The businesses will be overseen by Travelocity Europe chief executive Dirk Hauke.
Travelocity says it plans to replicate the success of its US initiatives with its businesses in Europe. According to Travelocity, capabilities like dynamic packaging, an advanced merchant hotel program and revolutionary website design helped the company triple non-air transaction revenue in the US in the past two years.
The deal is subject to regulatory approval and is expected to be completed by the end of the year.
The German businesses, which include Travelchannel.de, Travelocity.de, Travel Overland and Flug.de, will continue to be operated through the joint venture with OFT.
OFT is a leading multi-channel distributor in Germany and owns more than 400 travel outlets in the country including retails stores and call centres in addition to direct marketing and an online presence.
Report by Ginny McGrath
Ginny McGrath
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