Nordic Business Report-September 22, 2006-Avion Group hf subsidiary acquires Vacances Heliades
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Icelandic transport solutions group Avion Group hf said on Friday (22 September) that its subsidiary XL Leisure Group had reached an agreement to acquire 100% of the issued share capital of the French tour operator Vacances Heliades.
Heliades will strengthen XL Leisure's Star Airlines, creating, on completion, France's fifth largest tour operator, the company said.
Heliades reported turnover of EUR80m and pre-tax profit of EUR3.3m for 2005.
The acquisition was valued at EUR7.7m.
One euro (EUR) is worth approximately 0.67 British pounds (GBP).
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