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Promovacances-Fram acquired by the Abu Dhabi fund

2023-12-05T04:47:47.316Z

Highlights: Promovacances-Fram acquired by the Abu Dhabi fund. Adnec, a subsidiary of an Emirati sovereign wealth fund, becomes the main shareholder. Holidays at the "Framçaise", soon to be under the Emirati flag.Claiming a number two position among tour operators in France (behind Club Med), the tour operator has been looking for a buyer. It is an honour for us to have caught the attention of Adnec and ADQ, which is one of the most powerful sovereign funds in the world.


DECRYPTION - Adnec, a subsidiary of an Emirati sovereign wealth fund, becomes the main shareholder of Promovacances-Fram.


Holidays at the "Framçaise", soon to be under the Emirati flag. Promovacances-Fram is about to be acquired by Abu Dhabi National Exhibition Centre (Adnec), the subsidiary of one of Abu Duabi's three major sovereign wealth funds (ADQ), which is determined to develop in tourism.

The transaction is expected to close in early 2024. For the time being, it remains subject to an agreement from Brussels. "Adnec already owns hotels, the ExCel London exhibition centre and the German tour operator Etihad Holidays," says Alain de Mendonça, president of Promovacances-Fram. It is an honour for us to have caught the attention of Adnec and ADQ, which is one of the most powerful sovereign wealth funds in the world."The European fund Equistone, currently the largest shareholder, will sell its shares to Adnec, which will thus become an ultra-majority shareholder in Promovacances-Fram's capital, alongside the management.

Claiming a number two position among tour operators in France (behind Club Med), the tour operator has been looking for...

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Source: lefigaro

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