WP Holding has signed a framework agreement to acquire 100% shares of Invia Group – a European travel group with operations in Germany, Austria, Switzerland, Czech Republic, Slovakia, Hungary and Poland. As a result of the merger, WP Holding will create one of the largest travel companies in Europe, comprising the assets of Invia Group, Szallas Group, and Wakacje.pl. The value of the transaction is nearly EUR 240 million.
WP Holding is a technology holding company that operates in the internet space across travel, media, and consumer finance sectors. It owns the largest online platform for international travel in Poland (Wakacje.pl), which served over one million customers in the past year. The company through Szallas Group platforms also operates in the domestic travel sector in Poland (Nocowanie.pl), the Czech Republic (Hotel.cz, Spa.cz), Hungary (Szallas.hu), and Romania (Travelminit.ro, Litoralulromanesc.ro).
WP Holding has been listed on the Warsaw Stock Exchange since 2015. In the 12 months ended in September 2024, the company reported revenues of nearly EUR 347 million and an adjusted EBITDA of EUR 104 million.
Invia Group operates leading package holiday booking platforms in DACH region (Ab-in-den-Urlaub.de), Poland (Travelplanet.pl), the Czech Republic (Invia.cz), Slovakia (Invia.sk), and Hungary (Invia.hu) as well as a flights OTA in Germany (Fluege.de). Over the past year, more than 2 million customers went on vacations with Invia. In the 12-month period ended in September 2024, the company generated EUR 183 million in sales revenue and EUR 37 million in adjusted EBITDA.
The transaction will create a group which will provide customers with access to a comprehensive travel offering, including both domestic and international destinations. Together, they will handle transactions exceeding EUR 2.5 billion.
"Subject to regulatory approvals, we will complete the largest investment in Germany and the fifth-largest foreign M&A transaction in the history of Polish non-state owned companies. We want to combine the scale provided by the Western European market and the growth potential offered by the Central and Eastern European market. For WP Holding, this also represents an identity shift. For the first time in our history, we will generate more revenue and profits from travel operations than from media," says Jacek Świderski, CEO of WP Holding S.A.
"WP Holding entered the travel segment in 2015 through the acquisition of Wakacje.pl. Today Wakacje.pl is 11 times larger than when it was purchased. What stands behind the success of the company is an outstanding team, but also the support of WP Holding and WP's advanced marketing know-how. Following the merger with Invia Group, we want to leverage these skills to build a regional leader that can comprehensively address customer needs and effectively compete with big tech companies," adds Adam Rogaliński, Vice-President of WP Holding S.A., responsible for the transaction.
The tourism market in Europe is estimated to be worth approx. EUR 600 billion and is constantly growing. Germany represents the largest share of this market, accounting for up to 19% of tourism spending by Europeans. While Central and Eastern Europe has a relatively small market share, it boasts the most promising growth potential in the online travel sector. The transaction will allow WP Holding to benefit from the growth in tourism spending in CEE and, by having operations in the DACH region, to considerably expand the addressable market and build the necessary scale to develop international online travel operations.
"Joining forces with WP Holding represents a unique opportunity for Invia Group to continue its growth and pursue ambitious goals in the European online travel market. We are proud that the Invia Group team, with its experience and dedication, will become part of an organization capable of shaping the future of the industry in Europe. This transaction opens up entirely new possibilities for scaling our operations and strengthening our market position in key regions. I would also like to thank our previous owners, CITIC Group and Rockaway Capital, for an eight-year journey," highlights Boris Raoul, CEO of Invia Group.
WP Holding will acquire shares from existing shareholders, i.e. CITIC Europe Holding and Rockaway Capital, a European investment group managing a diversified portfolio worth EUR 2.3 billion, spanning private equity, venture capital, blockchain & digital assets, and real estate.
"Invia Group has been a key asset in our portfolio and a testament to our ability to build and transform companies into leaders in their sectors. Since the acquisition of Invia CEE operations in 2016, we have expanded into DACH region, consolidating the group. With our support, Invia successfully navigated the pandemic crisis, strengthening its position. WP Holding as a strategic player in the travel sector is well placed to take over Invia Group as a stable, well balanced and well positioned company and continue its growth and development. The transaction will enable Invia to enter next stage of its evolution as a European e-travel leader. We would like to say big "thank you"to all colleagues and friends at Invia Group for their hard work and contribution and wish them and WP all the best on the next chapter of their journey, " said Jaroslaw Czernek, Investment Partner at Rockaway Capital.
The transaction will result in the acquisition of a 100% stake in Invia Group SE for the purchase price of nearly EUR 240 million, which may be increased by the net cash increment up to the closing date of the transaction. The closing of the transaction is subject to the satisfaction of certain conditions precedent, including the approval of the concentration by the President of the Office of Competition and Consumer Protection in Poland, and the approval of the Shanghai United Assets and Equity Exchange to be granted to the buyer under the regulations of the People's Republic of China.