Online travel in Europe hotting up as TV group snaps up Weg
Big OTA consolidation news this morning as German television group ProSiebenSat.1 expands its ecommerce activity with the acquisition of online travel sites Weg and Ferien.
Terms have not been disclosed but the company has acquired, via its subsidiary Seven Ventures, all the shares of Weg and Ferien parent Comvel from investment company Media Ventures.
Existing managing directors Timo Beyer and Wolfgang Lehr will stay on in their current roles after the acquisition which is subject to the approval of the German Federal Cartel Office.
In a statement, ProSiebenSat.1 describes the company as one of Germany’s most successful online travel agencies.