Spain’s GED Acquires Romanian Prestige Tours For Undisclosed Sum

04.14.2011 By Florentina Dragu

Spanish investment fund manager GED Thursday said it purchased the majority stake in Romanian tour operator Prestige Tours, for an undisclosed amount.

Spanish investment fund manager GED Thursday said it purchased the majority stake in Romanian tour operator Prestige Tours, for an undisclosed amount.

Romanian travel agency Happy Tour brokered the transaction, GED said in a statement.

"Few months after the acquisition of the on-line platform, Paravion.ro, and the corporate and deluxe travel company Travel House, GED has taken another big step in its strategy of consolidating the largest group in the tourism sector in Romania by acquiring Prestige Tours," the statement said.

Mircea Vladu, founder of Prestige Tours, will remain minority holder in the tour operator and will join GED group as an executive director.

Prestige Tour reported turnover of around EUR10 million in 2010, according to GED data.

GED portfolio includes 27 companies, of which 11 are located in Eastern Europe, mainly in Romania.