This comes on the back of FLT’s recent corporate business acquisitions in Germany, Finland, Norway, Denmark and Sweden.
The Flight Centre Travel Group (FLT) has strengthened its presence in Europe by taking a minority interest in 3Mundi, a travel and technology company with operations in France, Switzerland and Spain.
This comes on the back of FLT’s recent corporate business acquisitions in Germany, Finland, Norway, Denmark and Sweden.
FLT will initially invest in a 25% interest in the Paris-based business, with additional put and call agreements in place to allow FLT to potentially increase its holding to 100% in the future.
3Mundi was established in 2006 by Jordy Staelen and Simon Renaud and has been the licensee in France and Switzerland for FLT's global corporate travel management network, FCM, since 2015.
FLT managing director Graham Turner said the investment in 3Mundi would strengthen the company's global corporate network and would give FLT a platform for further expansion in large and rapidly growing markets.
"France and Switzerland are important corporate travel hubs for our existing customers and for new multi-national accounts that we are targeting globally," he said.
In addition to its corporate travel businesses in France and Switzerland, 3Mundi operates a Barcelona-based business travel lab, which is successfully developing proprietary artificial intelligence technology and products for the travel industry.
3Mundi is expected to turnover in the order of 100 million euros during its 2017 financial year.
The acquisition is expected to be completed this July.