Flight Centre Travel Group
(ASX:FLT) has expanded its European corporate travel footprint, with the purchase of a travel and technology company which operates in France, Switzerland and Spain.
Flight Centre Travel announced it will initially invest 25% in 3Mundi, with additional put and call agreements in place, to potentially raise its holding in the Paris-based firm to 100% in the future.
Flight Centre Travel says the investment will strengthen its global network and give Flight Centre Travel a platform for further expansion into rapidly growing markets.
3Mundi is tipped to turnover Euro 100 million this financial year. The purchase is expected to be completed in July 2017.
Shares in Flight Centre Travel Group
(ASX:FLT) has last traded 1.73% higher to $35.96.
