Egyptian real estate mogul Samih Sawiris has acquired majority control of FTI Group, rescuing the German tour operator with cash to help it survive the coronavirus travel shutdown, Bloomberg reported on Thursday.
Sawiris, founder and majority owner of hotels and resorts firm Orascom Development Holding, increased his stake in FTI Finanzholding, the holiday firm’s parent, to 75 percent from about a third, according to a statement by FTI.
In 2014, Sawiris first bought into FTI. He increased his stake through a share increase supported by German government guarantees.
Just like the case for tourism companies worldwide, Munich-based FTI has been badly hurt by a travel restrictions imposed to curb the spread of the coronavirus. The company – a large customer of German airline Condor – generated about €4.2 billion ($4.6 billion) in revenue in 2019.
Its survival may help avoid a collapse in business at the carrier, whose rescue by LOT Polish Airlines SA failed through this week, leaving its fate in the hands of the German government.
