Cyprus Mail

Germany’s TUI Group buys Aeolos non-web operations

By Stelios Orphanides

German tour operator TUI Group agreed to buy the remaining 50 per cent of the “offline” activities of Aeolos Travel from the Limassol-based Francoudi & Stephanou Group for an undisclosed amount, an Aeolos director said.

Under the terms of the agreement which is subject to approval of Cyprus’s Commission for the Protection of Competition, Francoudi & Stephanou “will take full control of Aeolos Cyprus Travel Ltd, its existing online business and subsidiaries,” Sotos Stephanou, managing director at Aeolos Travel said. “TUI will take charge of the Cypriot leading travel firm’s offline activities, as part of its mainstream destination services model”.

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