Tourism news: Russian reserve corporation to purchase German tour operator
Next-Stop.ru | 21 July 2008The owner of “Russian reserve corporation” Alexander Lebedev is purchasing the 6th largest tour operator of Germany “Oger”, according to “Vedomosti”, Interfax reports.
The approval of the antimonopoly department of Germany is awaited to complete the transaction.
According to the agreement NRC has an option to purchase another 24% of Oger shares in the next two years. The company will preserve its brand in Turkey and Germany; new brand will be created specially for Russian market.
According to Russian operators the deal is estimated to €100-125 million.
The analysts say that the acquisition will help NRC to enhance the passenger traffic of its airlines (Blue Wings, Red Wings).
According to the German magazine “FVW” the revenue of “Oger” amounted to €722 million in 2007. The operator mainly serves customers on the Turkey destinations. It also sells packaged to Cuba, Thailand, Tunisia and Dominican Republic. Oger Tours is a part of the group that also includes such companies as ATT Touristik, Oger Turk Tur, Turpa Travel, FlyOger, Magesty Hotels & Resorts. The operator serves more than 1.25 million tourists a year.
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