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HomeAustralia & N.ZealandPreussag acquires stake in Austrian Magic Life Club – Strategic alliance with Polish White Eagle Aviation S.A.

Preussag acquires stake in Austrian Magic Life Club – Strategic alliance with Polish White Eagle Aviation S.A.

The Preussag AG supervisory board approved two strategically important participations at last Wednesday`s meeting…

The Preussag<.> AG supervisory board approved two strategically important participations at last Wednesday`s meeting. Via TUI Beteiligungsgesellschaft mbH, Hanover, Preussag acquires a 50 per cent stake in Magic Life<.> International Hotelbetriebsgesellschaft mbH, Vienna. In addition, a strategic alliance has been agreed with White Eagle Aviation S.A., Warsaw, enabling Preussag to acquire a shareholding of 29.3 per cent in the Polish carrier.

290,000 guests from Germany and Austria holidayed with the Austrian club company Magic Life in the last financial year to generate a turnover of around Euro 114 million. The hotel company owns a Nile cruise liner, and 22 club complexes mainly located in Turkey, as well as in Greece, Tunisia, Bulgaria, Egypt and Austria. An exclusive marketing agreement with TUI for the German market has already been in place since summer 2000. With this shareholding, the Group increases its stock of beds by around 21,000 to give a total of around 137,000 beds throughout the Group in around 270 hotels. As a club brand, Magic Life supplements the range offered by the two existing Group brands, Robinson and 1-2-FLY Fun Club.

White Eagle Aviation S.A. was established in 1972 and is one of the largest private airlines in Poland. The carrier currently operates scheduled charter and cargo flights, as well as various air taxi and helicopter services. Its fleet has 13 aircraft including two Boeing 737-400s and one ATR-42. Both partners see the alliance as bringing operational and strategic market benefits in the continuously expanding package tour market in Poland, where Preussag is already the market leader with Scan Holidays and TUI Poland.

The Preussag Group now encompasses seven different airlines in six European countries and a total fleet of 90 aircraft carrying around 10 million holiday-makers to their destinations every year.

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