Travelocity will purchase the 50% stake of Travelocity Europe owned by the Otto Group’s Otto Freizeit und Touristik GmbH. The transaction, which should be completed in the fourth quarter, is valued at $33 million.
The deal will give Travelocity control of the European joint venture the two firms created, except the German operations. Germany is Europe’s largest travel market.
The deal gives Travelocity sole right to any new European operations outside Germany.
Travelocity Europe has bases in the United Kingdom, France, Norway, Sweden and Denmark.
Network
