Barceló buys Orizonia

The spanish group Barceló has agreed to buy the touristic company Orizonia. The agreement has been signed last night in Palma (Mallorca), where both companies are based, even though the negotiations were declared broken last Friday.

Barceló will inject 40 million euros to Orizonia, an amount that is less than initially expected (around 60 million) but vital to the group led by Fernando Conte to meet its most immediate commitments, including the payment of the November wages to its more than 5.000 employees. 

The operation is set to be executed during the next weeks, but it is subject to the approval of the competition authorities and all the creditor banks (more than thirty entities). Meanwhile, the banks have agreed a debt relief, around 80% of a total of 600 milions.

If it goes ahead, the agreement between Orizonia and Barceló will create Spain’s largest touristic group.