Fusiones y Adquisiciones

💰 Avoris renewed its early 2024 agreement with CVC to expand in Brazil and Argentina, where they now jointly distribute circuits with Special Tours, commercialize Welcomebeds' hotel products, and offer services in the Caribbean via Welcome Incoming Services, including a new development deal for Costa Rica. Avoris and CVC's combined sales capacity exceeds €8 billion annually, boosting negotiation power, reach, and innovation in the travel sector. Over 100 hotel contracts were rapidly optimized under this global agreement, enhancing operational efficiency.

🏖 Alpitour, an Italian group, has been involved in uncertain dealings with the French tour operator brand Fram. The key facts include Alpitour's struggle with the French vacation club market, where it operated on a four-month high season basis, unlike France's traditional six-month period. This led Alpitour's director, Patrice Caradec, to negotiate with Fram, which has resulted in maintaining the entire workforce in the Paris offices. The merger creates synergies between Alpitour's and Fram's tourism brands and expands commercial channels, with Karavel/Fram's turnover amounting to 800 million euros in the tour operating sector.

📌 Dertour, one of Germany's principal travel groups owned by Rewe, operates 130 transport and tourism companies across 16 European countries, including Spain. It recently acquired Hotelplan, a mainly British firm previously owned by Migros. Hotelplan's portfolio includes Hotelplan Suisse, Hotelplan Volume Tour Operation, Hotelplan UK, and Hotelplan Business Travel, with brands like Inghams and Explore Worldwide. The sale price remains undisclosed. This expansion aligns with Dertour's strategy of consolidating businesses incrementally.

💸 Air Europa, aiming to close its sale in Q1 under Javier Hidalgo's goals, seeks a €235 million investment for a 20% stake, guided by PJT Partners, to pay off SEPI debt. HBX Group's IPO on February 13 involved financial advisors like Evercore and global coordinators Bank of America, Citi, and Morgan Stanley. Legal advice was provided by Freshfields, Uría Menéndez, Davis Polk, with PwC auditing. Advisor fees are estimated at €50 million, with HBX CEO Huss potentially receiving a €56.2 million bonus, and other executives sharing up to €75.8 million.

🏖️ Dertour, part of REWE group, to acquire Hotelplan Group excluding Interhome, which joins HomeToGo Group. The deal strengthens Dertour's presence in Switzerland, the UK, and Germany and awaits competition authority approval. Dertour operates in 16 countries with over 130 companies and 10,000 employees. The acquisition aims at operational and technological synergies and guarantees the continuity of Hotelplan's brands, employees, and sales channels. Existing bookings will be honored, and customer service remains unchanged.

💰 Dit Gestión, consisting of approximately 800 associated agencies, has been approved for sale to Ávoris by the National Commission of Markets and Competition (CNMC). The group's management ensures the agencies' independence remains "guaranteed," maintaining its philosophy and work method. The leadership remains unchanged, with Lander Arriaga as general director and Jon Arriaga as president, and the headquarters will stay in Oiartzun, Guipúzcoa. The acquisition promises enhanced commercial strategy, service improvements, and profitability for agencies through exclusive content and advanced technology. Additionally, Dit Gestión will continue creating new products and hosting events.

💰 The Spanish National Markets and Competition Commission (CNMC) approved Ávoris' acquisition of Dit Gestión, allowing the tourism conglomerate to exceed 3,000 sales outlets in Spain. CNMC received the transaction documents in November, with a ruling expected by the end of 2024, delayed due to Unida's non-payment of a fine from a 20216 cartel case. Prior to the acquisition, Ávoris had approximately 2,300 outlets, including brands Halcón Viajes, B travel, Viajes Ecuador, Geomoon, and a previously acquired group, Gea, with 500 offices.

📌 Travel agencies implicated in an infringement procedure by Spain's National Commission on Markets and Competition (CNMC) received no notifications throughout 2024. The CNMC initiated the sanctioning file in late 2023 with a two-year deadline to issue a verdict. Agencies involved include Ávoris, Viajes El Corte Inglés, Nautalia, and IAG7 Viajes, all maintaining their innocence. The CNMC investigation focused on the CORA public tender for managing the Spanish government's centralized travel services, specifically a potential allocation of different lots. Inspections were conducted from March 28 to 31, 2023, leading to the procedural opening in November. Potential fines could reach up to 10% of the implicated companies' total business volume.

🚀 Easyjet Plus for Business launched, targeting corporate travel in Europe. Companies can buy up to 250 memberships at discounted rates. Membership costs £249/year, offering priority boarding, free earlier flight changes, fast track security, special seating, and baggage privileges, resembling legacy airline services. Easyjet's network serves major European airports, catering to business travelers, while also catering to holiday travelers with a different product focus. Few low-cost airlines offer loyalty programs like this business-oriented scheme.

📊 HBX Group set a 11.5 euros per share indicative price for its IPO, aiming for a market capitalization of 2.784 billion euros as trading starts on February 13. The IPO includes two tranches: raising 725 million euros through 58-69 million new shares and selling up to 25 million existing shares by investors like CPPIB, Cinven, and EQT. Over-allotment option could raise the offer to 862.5 million euros. Funds will reduce debt, lowering leverage from 3.2 to 2.5 times Ebitda by fiscal year-end 2024.