El Corte Inglés earmarks €220 million to acquire full control of travel subsidiary

El Corte Inglés has recorded a €220 million provision to purchase the remaining 25 % of its travel subsidiary, VECI Travel Group (Viajes El Corte Inglés), currently held by minority partner Tool Factory. The move would raise the retailer’s stake from 75 % to 100 % and follows a shareholder pact signed in February 2022, formally notified to Tool Factory in November 2025. The provision does not represent the final price; the exact amount will depend on the outcome of ongoing negotiations, and no completion date has been set.

The transaction also involves a €24 million loan granted by El Corte Inglés to Tool Factory in 2022, scheduled for repayment within ten days after the acquisition. The travel arm generated €37 million net profit in the latest fiscal year, accounting for about 6 % of the group’s earnings, with revenues of €3.489 billion and EBITDA of €107 million, underscoring its strategic importance to the retailer.