The Flight Centre Travel Group
(ASX:FLT) has continued its plans to expand into Europe.
The company says it has secured a presence in 5 key countries – Sweden, Denmark, Norway, Finland and Germany. It did so through a deal to acquire corporate businesses owned by Euopean online travel agent, eDreams ODIGEO. This follows Flight Centre’s expansion in recent years to Ireland (2014) and the Netherlands (2016).
The company says the acquisition will be cash-funded and should be complete by the first half of the 2017 fiscal year. The acquisition is expected to result in Flight Centre turning over EURO110 million during the FY17.
Flight Centre reported a net profit of $244.6 million at 30 June 2016.
