Montreal, March 12, 2001
Through its subsidiary, the French tour operator Look Voyages S.A., Transat A.T. Inc. announced that it has acquired a 40% interest in the incoming Greek tour operator Tourgreece. The Corporation holds an option to become the majority shareholder in three years.
'Tourgreece has collaborated well with many of Transat’s companies throughout the years,' stated Jean-Marc Eustache, Chairman of the Board and President and Chief Executive Officer of Transat. 'Consequently, it’s only natural that we would turn to this company to set up our incoming services in Greece. We intend to have a presence with our own incoming services at our main destinations, and thereby to provide our clientele with a range of quality services that meet their expectations. This interest in Tourgreece will enable us to increase our control of every link in the value chain, in keeping with our principle of vertical integration,' he explained.
'Transat has been our partner for some fifteen years,' stated Vassilios Sakellaris, President of Tourgreece. 'Three of the Transat group’s tour operators—Nolitour Vacances/Voyages Nolitour, Regent Holidays, and Look Voyages—represent a significant part of the company’s operations. A closer partnership between Transat and Tourgreece will strengthen our ties and enable us to plan our development over a longer term. In fact, Transat’s interest in Tourgreece will enable us to penetrate new markets,' he concluded.
Tourgreece has been active on the Greek market for 22 years. The tour operator, based in Athens, specializes in the hotel industry, excursions, and cruises, among others. Sales for the year 2000 reached $17 million. The incoming tour operator employs 40.
Look Voyages, a leading French tour operator, offers its customers some 800 destinations on five continents, with departures from Paris and seven other cities. Under the Lookéa trademark used for its hotels and clubs, Look Voyages offers an all-inclusive formula including animation intended for a family clientele. The tour operator has 16 Lookéa clubs in the Mediterranean Basin, in North Africa, and in the Caribbean.
In 2000, Look Voyages served 1.5 million passengers. The company has 400 employees. Transat acquired an interest in Look Voyages in 1996 and currently holds an interest of 99.2%.
About Transat A.T. Inc.
Transat A.T. Inc., with its head office Montreal (Quebec, Canada), is an integrated company specializing in the organization, marketing, and distribution of holiday travel. The core of its business consists of ten tour operators in Canada and France. Transat is also involved in air transportation, hotel management, and value-added services offered at travel destinations as well as in distribution through both travel agency networks and e-commerce initiatives. Transat A.T. Inc. is a public corporation listed on the Toronto Stock Exchange (TSE:TRZ). In 2000 Transat recorded revenues of $1.9 billion.