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New travel giant founded

Icelandic investment companies FL Group, Fons and Sund announced last week that they have founded tourism company called Northern Travel Holding, which is predicted to serve 7.5 million tourists each year.

The travel giant will take over all shares in Scandinavian airline Sterling and Icelandic airline Iceland Express, 51 percent of shares in British charter airline Astaeus, 30 percent in Swedish travel agency Ticket and all shares in Danish travel agency Hekla Travel. Rúv.is reports.

Northern Travel Holding’s ownership is split by the three investment companies; Fons has a 44 percent share, FL Group a 34 percent share and Sund a 22 percent share.

The new tourism company, which is predicted to have 7.5 million customers each year, is estimated to have an annual turnover of ISK 120 billion (EUR 1.27 billion, USD 1.67 billion).

Hannes Smárason, CEO of FL Group, said the company’s sale of Sterling to Northern Travel Holding is part of a plan to withdraw from directly running airlines and travel agencies to focusing on further investments.

To read more about FL Group’s recent business moves, click here.

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