Reykjavik (IFN) UK-based charter airline Excel Airways has signed an agreement to acquire the entire share capital of UK tour operator Kosmar Villa Holidays Plc, Icelandic parent company Avion Group said in a statement on Monday.
No financial details were available, but the deal will take effect as of May 2, 2006, it added.
Kosmar's founder and board chairman Kostas Markou, as well as Kosmar's director Abhi Dighe will remain with the company.
The transaction will strengthen Avion Group's Charter & Leisure division, Avion Group executive chairman Magnus Thorsteinsson said.
Additionally, the deal will also strengthen Excel's Tour Operating division, which comprises Excel Holidays, Freedom Flights, Travel City Direct, Aspire Holidays and the portal XL.com
Kosmar Villa Holidays, trading as Kosmar Holidays provides holidays in over 80 resorts in Greece. Additionally, since 2006, the group offers holiday packages in Turkey.
Avion Group also includes Air Atlanta Icelandic, Avia Technical Services, Air Atlanta Europa and SouthAir. The group employs nearly 6,500. The company is listed on the Icelandic Stock Exchange.
Icelandic Financial News (IFN) is available on Factiva, a joint venture between Reuters and Dow Jones Newswires, FT.COM, LexisNexis, Comtex, Gale and Thomson via the Nordic Business Report.