| Journal: TWUK | Section: |
| Title: | Issue Date: 02/04/01 |
| Author: | Page Number: 3 |
| Copyright: Other |
Purchase of Italian specialist develops European foothold
Italian specialist I Viaggi Del Turchese has been snapped up by First Choice as the operator continues its flurry of deals.
The acquisition for an initial £5.3 million follows recent deals for Virgin Sun and Citalia and strengths the operator’s position in Southern Europe.
First Choice will pay an additional £2 million if profits and passenger volume targets are met.
Chief executive Peter Long said: “This acquisition marks our first foothold in the Italian outbound market. It is in line with our strategy to further develop our specialist businesses throughout mainland Europe.”
Turchese carried 120,000 passengers last year and generated revenues of £60 million.
The business will be integrated into First Choice’s European Specialist Businesses Division.