GED investment fund took over Paravion.ro

GED Spanish investment fund took over Paravion.ro online travel agency through Happy Tour travel agency, announced the fund’s representatives. Ziarul Financiar newspaper estimates the acquisition at EUR 500,000.

GED plans to develop the biggest tourism provider in Romania through this acquisition in order to allow expanding the activity on other markets too in Eastern Europe, specified the group’s representatives.  

Paravion.ro remains the online company of the group, providing plane tickets, hotel booking and car rental, maintaining the name and operating independently from Happy Tour which operates at corporate level.

In 2009, Paravion.ro posted EUR 5 mil. turnover, estimating an increase up to EUR 7 mil. for the current year.

The transaction is currently under approval of the Competition Council and will be completed in the second half of June.

Sursa: Daily Business [20.05.2010], Smart Financial [21.05.2010]