What: Viajes El Corte Inglés and Logitravel have reached an agreement to create a new company in the travel sector.

Why it is important: El Corte Inglés is diversifying its business and extending its operations internationally with this new endeavor.

The new company aspires to become a global benchmark in the travel sector and will cover both vacation and business trips.

As a result of the agreement, a leading company in the sector will be established with a workforce that exceeds 5,000 people, more than 500 points of sale around the world and extensive online coverage.

In addition, it will be a benchmark in certain products, such as Disney or Cruises, and will have a strong presence in Spain, Portugal, France, Germany and Latin America.

The transaction is still subject to the approval of the CNMC.

ECI & Logitravel Press Release (Spanish)