GED Buys Remaining 20% In Travel House Travel Agency

07.27.2011 By Cristina Roşca

Corina Souvannasouck sold her 20% stake in tour agency Travel House to Spanish-held investment fund GED, for an undisclosed amount, according to Official Gazette data.

The Spanish investment fund, which has invested over EUR150 million in various companies, bought the remaining stake in Travel House through Happy Tour, the largest travel agency in Romania.

Travel House posted sales of EUR6 million and a profit of EUR110,000 in 2009. GED bought 80% in the company about a year ago.

The new deal sealed by GED proves the strong interest the Spanish investment fund has in this field, considering it has acquired a number of companies in the tourism industry over the years, such as Prestige Tours, a EUR10 million business, the market's largest agency, Happy Tour, with EUR34 million in sales last year and travel service website paravion.

Corina Souvannasouck, 43, had 30% in Travel House before GED first bought into it. She retained 20% after the sale to the Spanish fund of 80% in the agency.

(English version by Loredana Fratila-Cristescu)