FTI held several meetings with leading German travel agencies following media speculation about the company’s future.
According to report from fvw, Germany's leading tourism portal, top FTI executives have held a series of meetings with leading travel agency groups, including Lufthansa City Center, Schmetterling and Best Reisen, as well as the VIR association of OTAs, to explain why the ongoing due diligence process is taking so long.
"We explained that a due diligence process is very demanding and takes time for a company of our size and complexity and with over 130 companies around the world, but that we are now on the home stretch after intensive months," reported Sales Director Richard Reindl.
As already reported last month, the Munich-based company is now in exclusive negotiations with one potential investor. Described as an international financial investor with many years of tourism industry experience, this company is widely believed to be US-based Certares, the largest private investor in the industry with stakes in companies such as Amex GBT, Hertz, Tripadvisor and the Latam Airlines Group, as well as many others.
