Egyptian Tycoon Sawiris to Buy into German Travel Group FTI

Egyptian billionaire Samih Sawiris is taking a stake of 25 percent to 35 percent in FTI, Germany’s fourth-biggest tour operator, the two parties said on Monday.

“We aim for cooperation with an eye to the long run,” Sawiris said in a statement.

FTI’s founder and chief will keep a majority of shares in the company, which competes with Europe’s biggest travel firm TUI .

FTI, which has about 3,500 employees and posted sales of EUR 2.1 billion (USD 2.9 billion) last year, said it had been agreed not to say how much Sawiris was paying for the stake.

Sawiris, a member of Egypt’s richest family, runs Orascom Development Holding, operating tourist resorts and real estate projects in Egypt and Europe.

Source: Reuters