Thursday, June 20, 2024

Deloitte: Poland enters the phase of economic expansion

The divergence of economic moods in Poland...

Two Years On: War in Ukraine and Its Global Impact

On February 24, 2022, a full-scale Russian...

Wirtualna Polska Expands in Central and Eastern Europe with Acquisition of 80% Stake in Romanian Travel Platform

COMPANIESWirtualna Polska Expands in Central and Eastern Europe with Acquisition of 80% Stake in Romanian Travel Platform

Szallas Group, a subsidiary of Wirtualna Polska Holding, is acquiring an 80% stake in the Romanian company Creative Eye SRL, which manages the travel platform This acquisition aligns with WP’s ongoing expansion strategy in the Central and Eastern European tourism sector. The transaction is valued at 16.8 million euros, subject to adjustments based on the net cash position of the company at the closing date.

“Litoralul Romanesc” translates to “Romanian Coast.” is a platform offering accommodations along the Black Sea coast in Romania, primarily in resorts and hotels. The company offers several hundred lodging options, with bookings in 2023 exceeding a total value of 45 million euros. During this period, the company generated an EBITDA of approximately 3 million euros.

Aleksander Kusz, VP of E-commerce at Wirtualna Polska Holding S.A.

Aleksander Kusz, VP of E-commerce at Wirtualna Polska Holding S.A., commented:
“Szallas Group joined WP at the end of 2022. Since then, we have been consistently executing our strategy to build a local champion in the domestic tourism booking sector in Central and Eastern Europe. I am very pleased that the first acquisition of Szallas Group, after being taken over by Wirtualna Polska, is happening in Romania—a country where we believe tourism services will develop the fastest. We believe that, like the entire Romanian economy, the tourism market will soon experience very dynamic growth, catching up with comparable countries.”

The acquisition of the 80% stake in Creative Eye SRL is valued at 16.8 million euros, adjusted for the net cash in the company at the closing date. As part of the transaction, WP has also committed to acquiring the remaining 20% stake in 2025, after the approval of the 2024 financial statements. The value of the acquisition of the remaining 20% will be determined based on a mechanism established in the sale agreement.

Ferenc Rigo, CEO of Szallas Group, stated:
“Szallas Group has been operating in Romania since 2020 when it acquired the booking portal Travelminit. The purchase of Litoralulromanesc is a milestone in our development in this country. It is a combination of two tourism businesses with different but complementary features. Travelminit focuses on short, weekend trips to smaller lodging facilities inland, while Litoralulromanesc is the national leader in holiday trips to larger hotels and resorts by the sea. Together, we will be able to offer our customers a comprehensive tourism offer.”

Ionut Nedea, founder and president of Creative Eye SRL, added:
“Our technological experience, effective business model, and potential have been recognized in the European market by Szallas Group, supported by Wirtualna Polska Holding. The investment in Creative Eye SRL is a joint commitment to further developing the company and, together with Travelminit, achieving market leadership in Romania. We will be able to offer our customers new solutions, both in the local and regional markets, thus taking our development to the next level.”

The transaction will be finalized after the fulfillment of the suspensive conditions, particularly the approval of the Romanian antitrust authority.

Szallas Group owns online booking portals that are the go-to brand for local tourists. With digital tourism products in Poland (, Romania (, Hungary (, the Czech Republic (, and Croatia, Szallas offers a base of over 80,000 lodging options provided by partners. The group focuses on developing tourism platform technologies and offers additional services to customers, including discount coupons, tour operator services, and spa packages. Szallas Group joined Wirtualna Polska Holding in 2022.

Check out our other content
Related Articles
The Latest Articles