Finland’s Aurinkomatkat-Suntours has bought out St. Petersburg Calypso; the analysts estimate the deal budget at $1 million.
Photo: Boris Volkhonsky
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Calypso Becomes of Finland’s Nationality
Encouraged, perhaps, by financial guarantees for the tourist business in Russia, Finland’s Aurinkomatkat-Suntours has bought out St. Petersburg Calypso; the analysts estimate the deal budget at $1 million.
It was Finnair that owns 72.02 percent in Aurinkomatkat tourist firm that announced the buyout of Calypso Group. The Finns intend to complete the deal by late this year.
Calypso General Director Oleg Aframeev will retain a block stake and continue to manage the group. Aframeev said the arrival of foreign investor won’t materially affect Calypso’s specialization – individual tours and cruises. The deal amount hasn’t been disclosed, but the market players estimate it at $1 million.
Member of Finnair Group, Aurinkomatkat-Suntours covers roughly 39 percent of Finland’s tourist market. Its 2006 revenues stood at ˆ261 million, and it provided services to 360,000 clients.
Calypso Group that includes Calypso Gala, Calypso World of Travel and Calypso Media is one of the biggest operators on St. Petersburg market of individual tourism. The number of clients reached 15,000 past year, while the turnover was estimated at between $20 million and $25 million.
www.kommersant.com
All the Article in Russian as of Oct. 26, 2007
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