Visiting popular tourist locations - Office of Cartels: No Request for Acquisition of FTI Proceedings
The upcoming buyout was aimed at guaranteeing the longevity of the third-largest European tourism corporation, which relied greatly on government aid amidst the COVID-19 pandemic. FTI was given approximately €600 million by the Economic Stabilization Fund.
In mid-April, FTI officially declared that a consortium led by Certares had committed to purchasing and funding the organization. They plan to take control of the company in the near future, pending routine regulatory authorizations. At the start of the week, the parent company of the enterprise, FTI Touristik GmbH, lodged for insolvency at the Munich District Court.
FTI's statement on the acquisition
Read also:
The Federal Cartel Office in Germany did not request any proceedings related to the acquisition of FTI by Certares, despite the significant impact it could have on the future of Europe's tourism industry. The FTI Group, currently headquartered in Bonn, is eagerly awaiting regulatory approval for the sale, which could potentially lead to travel restrictions or investigations due to the current Coronavirus situation. Despite the uncertainty, the German tourism sector is slowly attempting to return to normalcy, with the winter season offering a tough challenge for businesses to weather. Despite the financial aid from the Economic Stabilization Fund, FTI Touristik GmbH had to file for insolvency at the Munich District Court, highlighting the ongoing challenges faced by the travel industry amidst the pandemic.
