Flight Centre Travel Group (ASX:FLT) has acquired European corporate travel business 3Mundi by snapping up the remaining 75 per cent interest in the business it did not already own.
Flight Centre initially invested in the Paris based business in 2017 acquiring 25 per cent stake under a put-call option.
The financial terms of the deal are confidential but Flight Centre says it was funded through existing debt facilities.
3Mundi generated total transaction value (TTV) in the order of Euro 170 million during the 2018 calendar year. The business operates in Paris and Geneva and currently employs 220 people.
Flight Centre says France is an important business travel hub globally and is now the world’s sixth largest corporate travel market, making it a significant future growth opportunity for the company.
Shares in Flight Centre (ASX:FLT) closed 1.27 per cent higher to $41.55 on Friday.