Eroski Travel has sold 100% of its travel business subsidiary to W2M (Iberostar)
W2M, part of the Iberostar Group, has reached an agreement with the Eroski Group for the purchase of 100% of its travel subsidiary, Eroski Viajes.
The deal is expected to be fully completed by the end of January 2023. However, the National Securities Market Commission (CNMV) said that before the takeover can be launched, certain conditions of the agreement must be met.
One of the conditions of the agreement involves the assignment of the use of the Viajes Eroski brand to W2M for a specified period of time. It seeks to promote a smooth and rapid transition in the tourist group in addition to achieving the greatest possible integration. To achieve this, the online platforms of Viajes Eroski and Travelair for corporate trips will be required to be fully operational.
W2M has been advised by Uría Menéndez and Eroski by lawyers Deloitte Legal. The takeover is also subject to the final approval of the antitrust authorities. The CNMV pointed out that, with the acquisition of Viajes Eroski, W2M is expanding its presence nationwide, “reinforcing a commitment” that began with the acquisition of Azul Marino Viajes, adding that this does not represent any obstacle to competition in this sector, which is very broad.
Javier Amezaga, the Corporate Director of Grupo Eroski, said that they are “very satisfied and proud of everything that Viajes Eroski has represented for the group”. In addition, he predicted the “success and growth” of the travel business after the acquisition and ensures the continuity of the professionals who work in the subsidiary.
