German travel group DER Touristik has acquired leading Czech travel business Fischer Travel Group for an undisclosed sum.
Fischer will join German retail and tourism cooperative REWE, the parent of DER Touristik.
The leading travel group in the Czech Republic, Fischer carried more than 450,000 passengers last year.
DER Touristik, which owns Kuoni in the UK and could become the number-two in Germany following the collapse of Thomas Cook, already has two brands – Exim Tours and Kartago Tours – serving the Czech, Slovak, Polish and Hungarian markets.
Soren Hartmann, DER Touristik Group chief executive, said: “The intended transaction is an investment for the future. We are convinced about the growth of the travel market in Eastern Europe.”
More than five million Czech travellers made overseas trips last year, almost half buying holidays from travel agencies.
Fischer had been owned by financial group KKCG since 2003 when it was rescued from financial difficulties.
The acquisition is subject to regulatory approval.
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