Iberostar Gets Green Light to Buy 51 Percent of Viva Tours

The Competition Defense System (CDS), a watchdog attached to the Spanish Ministry of Economy, okayed Iberojet Travels –an affiliate of the Iberostar Group- to buy 51 percent of all shares owned by tour operator Viva Tours.

After checking on the file, the CDS decided not to hand it over to the Competition Defense Tribunal, sources close to Spain’s Ministry of Economy revealed.

In early January, Iberostar put the CDS on notice that it had already taken over control of Viva Tours with 30 percent of all shares in the bag.

Last December, Iberostar agreed to buy 51 percent of Viva Tours’ shares –at the time in the hand of Iberia Airlines- for 18 million euros.

With this new move, Iberostar now holds 81 percent of Viva Tours, while the remaining 19 percent stays with Sol Meliá Hotels & Resorts.