El Corte Inglés to acquire remaining 25% of Viajes El Corte Inglés

El Corte Inglés has reached an agreement with Tool Factory to acquire the remaining 25% stake in Viajes El Corte Inglés. This transaction, valued at 220 million euros, will allow the Spanish group to assume full ownership of the travel agency.

The deal is subject to approval from competition authorities in both Spain and Portugal. The acquisition follows a shareholder agreement established in February 2022, which aimed to integrate the travel businesses of both companies, covering leisure, business travel, incentives, congresses, and events.

As part of the process, a 24 million euro loan previously granted to Tool Factory is expected to be amortized within ten days. Following the buyout, Tool Factory will shift its focus toward investing in hotel assets, managed in conjunction with SmyHotels.

In its last fiscal year, the travel segment of El Corte Inglés reported a profit of 37 million euros, a 12.1% increase from the previous year. This accounted for 6% of the group's total profit of 628 million euros.