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Friday, 22.11.2024, 19:30
Lithuania's Kidy Tour buys Estonian travel organizer GoAdventure
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Avia Solutions Group has paid 2.611 mln euros to acquire a 100% stake in Estonia's third-largest travel organizer GoAdventure from the Estonian GoBaltic group. GoAdventure will become part of the Kidy Tour group before the end of this year.
"We have planned expansion in the Baltic states since the establishment of the travel organizer last year, and we chose the Estonian company due to its performance on the local market and a broad network of travel agencies," Kidy Tour CEO Gvidas Aukstuolis said.
In his words, the Estonian market is interesting due to proximity of Finland, as residents of Finland have appreciated lower prices of services in Estonia for a long time.
In business since 2010, GoAdventure offers tours from Tallinn to resorts in Turkey, Egypt, the United Arab Emirates and Bulgaria. The company posted a revenue of 12.5 mln euros for 2015.
Avia Solutions Group, which is listed on the Warsaw stock exchange, is the sole shareholder of Kidy Tour.
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