WP Holding has signed an agreement to sell 100% of the shares in Invia Flights Germany GmbH, the owner of Fluege.de – one of the leading online flight booking platforms in the DACH region (Germany, Austria, Switzerland). The buyer is Tongcheng Travel Holdings Limited, a global travel group listed on the Hong Kong Stock Exchange. The Enterprise Value amounts to approximately 42.3 million EUR.
The move reflects a mutually complementary strategy: WP Holding will continue to drive its package-holiday brands, while Tongcheng Travel strengthens its flight ticket-booking business in Europe through Fluege.de, enabling both parties to enhance strategic focus within their respective growth arenas. Fluege.de was incorporated in 2008 and became part of WP Holding’s portfolio in early 2025 through the acquisition of Invia Group, which operates across the DACH and CEE (Central and Eastern Europe) regions. WP Holding’s travel segment currently spans 9 European markets and serves nearly 6 million travelers annually. The sale of Fluege.de – and the exit from the flights segment – will allow the company to fully focus its resources on the further growth of key brands such as Invia, Ab-in-den-Urlaub.de, Szallas.hu, Wakacje.pl and Travelplanet.pl.
"Fluege.de is a strong brand that will gain new growth opportunities in its new environment. For us, this is a moment to streamline our portfolio. We can now fully focus on the heart of our travel segment – package holidays and domestic travel. That’s where we see the greatest potential for growth, innovation, and customer satisfaction." said Adam Rogaliński, VP Corporate Development of WP Holding.
"We view Fluege.de as a valuable strategic fit that aligns with our long-term objectives, drawn to its strong brand recognition and loyal user base. We place full trust in the local management team to steer the company toward its next phase of growth and stand ready to share our Asian market know-how if the team deems it supportive to this journey. Our focus is on contributing to enhancing value for European travelers and partners." said Joyce Li, Chief Capital Officer of Tongcheng Travel.
With the backing of its new owner, Fluege.de will strengthen its position in the European travel market. As part of Tongcheng Travel, the brand will gain access to international know-how and capital, enabling it to expand its offering and enhance service quality for travelers across the region.
Under the terms of the transaction, WP will sell 100% of the shares in Fluege.de for the Enterprise Value of approximately 42.3m EUR. The final purchase price will be adjusted based on the net working capital and net debt of Fluege.de as of the transaction closing date. The agreement is subject to a condition precedent, requiring approval from the competent German authority – the Federal Ministry for Economic Affairs and Energy (Bundesministerium für Wirtschaft und Energie; BMWE).
About Fluege.de
Invia Flights Germany GmbH (post-transaction: TC Flights Germany GmbH) is a leading provider of airline tickets in German-speaking countries, operating established portals such as Fluege.de. Headquartered in Leipzig, Germany, the group employs ca. 150 people and has brokered flight tickets and associated services worth more than 230 million EUR in the previous year.
About Tongcheng Travel
Tongcheng Travel Holdings Limited stands as one of the leading travel platforms in China, boasting a large and diverse user base with over 250 million annual paying users by the end of June 2025. The company was listed on the Hong Kong Stock Exchange in November 2018 under the stock code 0780.HK. Tongcheng Travel offers a comprehensive range of travel products and services, including transportation ticketing, accommodation bookings, tourist attraction tickets, packaged tours, and various value-added ancillary services. For the fiscal year ending December 31, 2024, the company reported revenues exceeding RMB17 billion and achieved an adjusted EBITDA of over RMB 4 billion.
About WP
WP Holding S.A. is a technology holding company operating online businesses in the areas of media, travel, and consumer finance. Over 20 million users visit its websites and use its digital services each month. Since 2015, WP Holding S.A. has been listed on the Warsaw Stock Exchange. In the 12 months ended June 2025, WP capital group generated revenues of over EUR 560 million and an adjusted EBITDA close to EUR 150 million.