Flight Centre's European expansion deal is done

Photo: Scott Barbour/ Getty Images.

Flight Centre has formally completed the acquisition of corporate travel businesses in Germany, Sweden, Finland, Norway and Denmark.

The deal with European online travel agency eDreams ODIGEO was first revealed in September.

The travel retail group said the combined turnover from the businesses would be about 110 million euros during the 2017 financial year.

The cost of the acquisition hasn’t been revealed.

“The European corporate acquisitions will strengthen our global offering in a sector that now generates about one third of the company’s total sales,” said Graham Turner, Flight Centre’s managing director.

“We are already one of the world’s largest corporate travel managers – our corporate turnover exceeded $AU6 billion during the 2016 fiscal year – but we see strong future prospects within the sector and are expanding internationally both organically and via strategic acquisitions.”

As part of the acquisition, the company has also secured a proprietary online booking tool, which can potentially be rolled out within the SME-focussed Corporate Traveller and Flight Centre Business Travel brands elsewhere in Europe.

The company’s share price was up 1.2% to $31.27 off the back of the news.

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