In the statement made by the company on the subject, it was noted that the consortium purchased 100 per cent of FTI shares for 1 Euro in return for investing 125 million Euros. FTI Group, Europe's third largest tour operator, announced that an agreement was reached in September 2023, finalising the process of strengthening the company's capital and restructuring its shareholder base.
A Consortium led by Certares, an investment company specialised in the travel and tourism sector, with capital provided by co-investors (Consortium), has signed an agreement on the proposed acquisition and financing and will assume control.
Under the terms of the agreement, FTI will receive €125 million in new capital to support the next phase of growth and fund digital transformation. The existing shareholder has agreed to provide financial support and make further investments. The transaction is subject to customary regulatory approvals and other prerequisites typical of such transactions. On the other hand, FTI's turnover for 2023 was realised as EUR 4.11 billion.
Karl Markgraf, CEO of FTI Group, said: ''We are delighted to announce our partnership with the Certares-led Consortium. Certares is a leading investor in the global travel and tourism industry. With Certares' support and extensive experience in the industry and the capital provided by the Consortium, FTI is uniquely positioned for future growth and profitability that benefits all shareholders, including our customers, commercial partners and employees. We are determined to usher in our next period of success and further strengthen our position as a leading player in Germany and Europe's tourism sector.''
