Flight Centre Travel Group (FLT) has bolstered its global corporate travel network by investing further in its European footprint.
Over the weekend, the company took 100 per cent ownership of the 3Mundi corporate travel business in France and Switzerland by acquiring the remaining 75 per cent interest in the business.
FLT initially acquired 25 per cent of 3Mundi in June 2017 and has worked with the Paris-based business since 2015, when it became part of FLT’s global FCM Travel Solutions corporate travel network as an independent licensee for the key markets of France and Switzerland.
The acquisition was based on terms agreed in a put-call option implemented when FLT initially invested in the business in 2017 and has further underlined its position as one of the world’s largest corporate travel management businesses.
“France is an important business travel hub globally and is now the world’s sixth largest corporate travel market, making it a significant growth opportunity for our company,” Graham Turner, FLT managing director said.
“We have worked closely with the 3Mundi team since 2015 and believe that this extension of our relationship will unlock further benefits — both for 3Mundi’s local customers and for FCM customers in general — and help us capitalise on this opportunity.”
Turner said the deal will enhance 3Mundi’s global reach and give it access to FLT’s proven corporate travel systems, products and customer offerings, and, in turn, give FLT a stronger corporate network and an even more powerful proposition for French and Swiss customers and for global customers who travel and transact in the key markets.
“Since we first worked with FLT in 2015, we realised that we share the same values, the same pioneering mindset and the same ambitions for the business,” said 3Mundi’s managing director Solenn Le Brazidec, who will continue to oversee the company’s day-to-day operations.
“The incredible opportunity to wear the FCM brand for four years has already allowed us to grow and triple our turnover.
“By now becoming a subsidiary of FLT, we have a stronger global offering for our customers, a greater technical integration and more opportunities for growth.”
Le Brazidec has also been appointed FCM Travel Solutions’ general manager for France and Switzerland.