Turkish tourism firm Anex acquires major stake in Baltic tour operator Novaturas

Anex, a Turkish tourism group, has acquired a 23.2% stake in Lithuanian tour operator Novaturas for €1.15 million ($1.3 million), the company announced Wednesday.

The agreement was disclosed in a statement submitted to the Nasdaq Vilnius Stock Exchange, indicating that it was formalized by a member of Novaturas’ board of directors.

Kristijonas Kaikaris, CEO of Novaturas, said the arrival of Anex as a strategic investor represents a new chapter for the company. He expressed confidence that Kockar’s extensive experience and global tourism network would help drive growth, enhance competitiveness, and create value for all stakeholders.

He added that Anex’s involvement would “provide new opportunities for growth, strengthen our competitive advantage, and benefit our customers, employees, partners and shareholders.”

Neset Kockar, founder of Anex, characterized the investment as both strategic and long-term, underlining his belief in the potential of the Baltic tourism sector. He noted that Novaturas is a respected local brand and highlighted the opportunity to build on its reputation using Anex’s operations in destinations such as Türkiye, Greece, Spain, and Egypt.

“We see that the travel organisation experience gained by Novaturas over almost three decades of operation can be mutually beneficial,” he said.

Turkish Anex to expand in Baltic tourism through Novaturas

The initial announcement of the acquisition was made on March 10, when Kockar expressed his intention to acquire up to 33.2% of Novaturas shares in two phases. These shares are being purchased from four current shareholders, and the second and final phase of the transaction is expected to be completed by autumn.

In addition to the share acquisition, Kockar has also extended a €1 million loan to Novaturas, according to the statement.

Founded in 1999, Novaturas is the largest tour operator in the Baltic region, operating charter flights from Lithuania, Estonia, and Latvia, with a market share of around 40%. The company also cooperates with over 400 travel agencies in Poland. It went public in 2018 on the Nasdaq Vilnius Stock Exchange.

In 2024, Novaturas generated €201 million in revenue and served 239,000 passengers across Lithuania, Latvia, and Estonia.

Anex, established in 1996, has expanded globally through a series of acquisitions. In 2019, it acquired Intourist, one of Russia’s largest tour operators. In 2020, it made headlines by purchasing the German operations of the bankrupt travel group Thomas Cook, including Neckermann Reisen.

Anex had previously acquired other Thomas Cook Germany brands, such as Oger Tours and Bucher Reisen. The company currently operates in over 20 countries and employs around 6,500 people.