What: El Corte Inglés is taking full ownership of Viajes El Corte Inglés after Tool Factory agreed to sell its 25% stake following the integration of Logitravel.

Why it is important: Full ownership of its travel business strengthens El Corte Inglés's services ecosystem and gives the group complete control over a growth engine it is actively reinforcing.

El Corte Inglés has reached an agreement with Tool Factory to acquire its 25% stake in Viajes El Corte Inglés, giving the Spanish department store group full control of its travel subsidiary's capital. The transaction stems from the shareholders' agreement signed in February 2022, when Tool Factory took a stake in Grupo Viajes El Corte Inglés as the two companies combined their businesses. While the terms have been agreed, the deal still requires clearance from competition authorities in Spain and Portugal, the CNMC and the Autoridade da Concorrência.

Tool Factory's exit follows the completion of Logitravel's integration into Viajes El Corte Inglés, one of the central objectives of the agreement reached four years ago. The combination brought together Logitravel's digital expertise and El Corte Inglés's physical network of travel agencies, along with its activities in holidays, tour operation, premium travel and corporate services.

Once approved, the deal will leave El Corte Inglés as sole owner of a travel business that combines online capabilities with in-person service. Tool Factory, for its part, will concentrate on investing in hotel assets, which it manages in partnership with Smy Hotels.

IADS Notes: El Corte Inglés's move to take full ownership of its travel subsidiary follows a clear shift in the group's strategy from asset sales and debt reduction toward acquisitions, organisational renewal and a €3 billion investment plan through 2030, led by Cristina Álvarez with McKinsey's guidance (Modaes, April 2026). The group's updated strategic plan, announced alongside a record dividend of around €250 million, explicitly reinforces Viajes El Corte Inglés as a trusted service and a complementary growth engine (El Pais, July 2026). The travel business already works across divisions: for the Formula 1 Grand Prix in Madrid, it created packages combining accommodation and race tickets, while official merchandise was sold online and in stores (El Correo, June 2026). Travel also sits within a wider services ecosystem that includes hospitality, as shown by the partnership with IHG to open Madrid's first Kimpton hotel connected to El Corte Inglés commercial spaces (Le Courrier d'Espagne, June 2026). The buyout echoes Falabella's $159 million acquisition of its partner Organización Corona's minority stakes in Colombia, which gave the group greater operational control over its retail, banking, insurance and service subsidiaries (Modaes, January 2026).

El Corte Inglés is taking full ownership of Viajes El Corte Inglés