Wanda takes majority stake of EnjoyGoing
Wanda Tourism acquired 61% equity of Hunan’s EnjoyGoing International Travel and has renamed it Hunan Province Wanda EnjoyGoing International Travel.
01/12/2014, Beijing – Wanda Tourism acquired 61% equity of Hunan’s EnjoyGoing International Travel and has renamed it Hunan Province Wanda EnjoyGoing International Travel. It is the 10th travel company in China acquired by Wanda Tourism.
Wanda Culture Industry Group vice president Yueming Mo told reporters: “Right now Wanda Tourism has taken over 51% holding in EnjoyGoing. The holding will be lifted to 61% when we complete a transfer of 10% equity held by a state-owned entity next year”. He said: “Wanda acquired EnjoyGoing to enter the Hunan travel market as Hunan has rich travel resources and culture and an advanced consumption profile. EnjoyGoing has been top ranked in Hunan province for many consecutive years and has a well-developed management structure that fits our acquisition criteria. Wanda will transform and upgrade the industry standard for the Hunan travel market through EnjoyGoing.”
Established in 1985 as the Hunan branch of China CYTS Tours, EnjoyGoing currently has 38 subsidiaries, 200 agencies and RMB1.8 billion in annual sales.
“EnjoyGoing will attract more talented personnel after the acquisition,” said EnjoyGoing director Ming Li. “In line with our operation plans, we project to add 200 new recruits and open 20 new agencies in Changsha to support a range of new products planned for 2015.”(Translation by David)