Greece specialist oeprator Kosmar Holidays is to be acquired by Excel Airways, part of the Icelandic Avion Group.
Agreement has been reached for the deal for an undisclosed sum, which takes effect from May 2.
Kosmar’s 2005 turnover was £80.7 million and the purchase is to be financed through equity and with debt.
The operator is licenced to sell more than 250,000 holidays a year and has introduced its first Turkey programme.
Kosmar will sit alongside Excel Holidays, Freedom Flights, Travel City Direct and Aspire Holidays. Founder and chairman Kostas Markou is to stay with the company.
Report by Phil Davies
