The Flight Centre Travel Group (FLT) has agreed to acquire a minority interest in 3Mundi, a travel
and technology company with operations in France, Switzerland and
FLT will initially invest in a 25% interest in the
Paris-based business, with additional put and call agreements in
place to allow FLT to potentially increase its holding to 100% in
3Mundi was established in 2006 by Jordy Staelen and
Simon Renaud and has been the licensee in France and Switzerland
for FLT's global corporate travel management network, FCM, since
FLT managing director Graham Turner said the investment
in 3Mundi would strengthen the company's global corporate network and would give FLT a platform for further expansion in large and
rapidly growing markets.
"France and Switzerland are important
corporate travel hubs for our existing customers and for new
multi-national accounts that we are targeting globally," he said.
"This investment will deliver immediate benefits by:
Strengthening our European presence, which now includes businesses
in the UK, Ireland, the Netherlands, Sweden, Finland, Norway,
Denmark, Germany, France and Switzerland; and
• Delivering new
technology, products and tools that can be adapted and rolled out
in other geographies and brands within our global network.
There is also opportunity to work with 3Mundi's team to develop
other new products and offerings in the future."
In addition to
its corporate travel businesses in France and Switzerland, 3Mundi
operates a Barcelona-based business travel lab, which is
successfully developing proprietary artificial intelligence
technology and products for the travel industry.
3Mundi is expected to turnover in
the order of Euro100million during its 2017 financial year.
acquisition is expected to be formally completed in July 2017.
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