The signing of the deal, with József Szigetvári, CEO of Szallas.hu, seated far left.

The acquisitions were financed with own resources, as well as capital from the equity funds of owner OTP Bank, Szallas.hu said, without revealing the purchase price. Magyar Eximbank is another stakeholder in Szallas.hu, which operates in five countries in the region, noted state news wire MTI.

With the acquisition of maiUtazás.hu, the companyʼs team will grow with 26 members. In 2018, the maiUtazás.hu group posted revenue of HUF 1.8 billion, compared with Szallas.huʼs HUF 4.2 bln. Utazok.hu had sales of HUF 1.2 bln, MTI reported.

“The trusted travel agency background of the acquired company group is a serious opportunity for us, as we can provide even better-quality services, friendlier prices, and guarantees for our guests looking for a foreign destination,” said József Szigetvári, CEO of Szallas.hu. “Our special aim is making travel agency activities a strong pillar of our company group by 2020.”

Complete integration is expected to happen by the end of 2020. Szallas.hu says that Utazok.hu will remain an individual company. With the integration, the group wishes to utilize the possibility of selling so-called adventure packages as PihiPakk.hu, a specialist business in selling these packages, is also included in the deal.

“We were looking for an investor that helps the growth and development of the maiUtazás.hu group, as well as its possible entry to international markets,” said András Szennay, managing director of the group. “The industry experience and knowledge capital of the Szallas.hu group, as well as its professional network system and international presence, is a warranty for all of the above.”