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Wednesday, 8 April 2020

Samih Sawiris mulls takeover of Germany’s FTI Group

M&A WATCH- Samih Sawiris mulls takeover of Germany’s FTI Group: Orascom Development Holding Chairman Samih Sawiris is considering the acquisition of the remaining two-thirds of German tourism agency FTI’s shares, according to German newspaper Die Welt. Sawiris purchased a 30% stake in the company from founder and sole shareholder Dietmar Gunz in 2014 through his Luxembourg-based investment company SOSTNT, according to the report. FTI Group is the third-largest travel company in Europe in terms of market share, with EUR 4.1 bn in revenue during FY2018-2019.

The potential sale comes as the travel industry reels from government imposed travel restrictions worldwide in place to curb the spread of covid-19. FTI earlier this year was required to send back home 65k travelers on orders of impending border closures and emergency health measures and has since seen business come to a halt.

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