Greece’s transport ministry announced a tender for the sale of a majority stake in Galileo Hellas. Tenders were to be accepted up until January 17. Galileo is a subsidiary of Olympic Airways and is a market leader in electronic travel booking systems in the Balkans, connecting more than 2,000 terminals. More than 1,100 Greek travel agents are hooked up to Galileo Hellas.
The ministry said it expects lively interest from both local and foreign investors as Galileo is not only very profitable but also the leader in its field. Last year, Olympic Airways sold its stock in Galileo Hellas to Galileo International. According to latest available data, Galileo Hellas in 2001 posted revenue of 8.9 million euros and a before taxes profit of 3 million euros. Its market share in Greece exceeds 48%.
Galileo Hellas is the second former subsidiary of Olympic Airways that goes up for sale. Last year, Olympic Catering was sold, through tender, to the fast-food group Everest.