has announced that Travelocity Europe, its joint venture with Otto Freizeit und Touristik (OFT), will acquire travelchannel.de , a leading German online travel site, subject to the approval of European regulatory authorities.
With the acquisition, Travelocity Europe broadens its distribution in Germany while simultaneously expanding its overall position in Europe. Financial terms of the deal were not disclosed.
“Travelocity’s expansion in Europe is a high priority for us and the acquisition of travelchannel.de will play a key role in accelerating our growth in Germany and beyond,” said Michelle Peluso, president and CEO, Travelocity. “They have a strong team, and we look forward to having them join Travelocity Europe.”
“Travelchannel.de is one of the most successful German travel portals,” said Dirk Hauke, CEO of Travelocity Europe. “We have a tremendous opportunity to make use of its significant synergies and benefit from the strength of each of the companies in order to enlarge our range of products and service. Travelchannel.de expands the spectrum of Travelocity Europe not only with its extensive range of all-inclusive tours, but also with its large editorial content, which will help our customers to plan and book their journeys.”
Travelchannel Ltd, headquartered in Hamburg, was founded by the print and publishing house Gruner + Jahr in 1999. In 2000, OFT purchased a 50 percent stake in the company and purchased the remaining shares in 2003. The company will now exist under the Travelocity Europe umbrella.