Majority holding in Estravel back in Estonia
The share transaction, which resulted in the transfer of the majority holding in Estravel, the largest and oldest travel agency in Estonia and the Baltics, to an Estonian company owned by the founder of Estravel Aivo Takis, was completed today.
Estravel was part of the Finnair Group for the last 20 year, as 71% of its shares belonged to SMT, a subsidiary of the Finnish national airline. Since today, Estravel is once again fully in Estonian ownership. Aivo Takis was also a shareholder and board member of Estravel until now. Board member Anne Samlik is also an owner of Estravel.
Estravel has 175 employees, most of them in Estonia. Estravel’s technical turnover in 2015 exceeded 75 million euros. Both turnover and profit increased in comparison with the previous year. 57% of turnover comes from flights, 20% from hotel accommodation and 23% from other travel services. The transaction was co-financed by Danske Bank.
“I am very pleased that Estravel, the flagship of Estonian travel agencies, which was found by Estonian private capital almost 28 years ago, is once again 100% in Estonian ownership. Estravel is a strong brand and company with an excellent organisation and great financial results. Estravel’s market share in Estonia in terms of flights has remained at ca 31-34% for many years and its turnover is bigger than that of the next four competitors put together.
I am grateful to the Finnair Group, as our cooperation over the last 20 years has been excellent. Finnair will remain an important partner for us, as they’re one of our biggest contractors. We’re not planning to make any major changes in the company’s work or organisation, because there is no need for this.”