September 12 (SeeNews) - Polish tech group Wirtualna Polska Holding said on Monday it is acquiring Hungarian group Szallas, which operates online travel portals in Romania, Croatia, Poland and the Czech Republic, for 82 million euro ($83.3 million).
Wirtualna Polska is purchasing shares from Hungarian private equity and venture capital firm PortfoLion Capital Partners, which is also a member of OTP Group and from several Szallas' founders and individuals, it said in a press release.
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The transaction is expected to be completed this autumn.
Through subsequent acquisitions and organic growth, Szallas Group has been providing accommodation booking services to customers in Hungary, the Czech Republic, Romania, Poland and Croatia with four major brands.
In Romania, the company operated the Travelminit online portal. In the five markets covered by its operations, the group offers accommodation in a total of 87,000 facilities.
"Our long-term objective is to transform the Travelminit platform into the No. 1 on the hotel booking market in Romania, offering a pleasant booking experience and the widest local range at the lowest price," Travelminit said in a social media post announcing the acquisition.
Szallas Group was established in 2007 in Hungary and its accommodation booking site is currently the brand of first choice for local travelers. Since 2016, the company has been expanding its operations to cover other central and eastern European countries.
Founded in 1995, Wirtualna Polska is a group of companies operating in the media and e-commerce sectors.
($=0.9844 euro)