Javier Hidalgo has submitted his resignation as CEO of the Globalia tourism group at a time marked by the disintegration of the company due to the sale and merger of the main companies that make up the tourism holding company founded by his father Juan José Hidalgo 50 years ago.
The son of the founder of one of the main Spanish tourist groups will no longer lead the ‘holding’ formed by the airline Air Europa, the Halcón Viajes and Viajes Ecuador agencies, as well as the Be Live hotel chain.
All these companies are involved in merger or sale processes and Hidalgo’s resignation comes after the sale of Air Europa to IAG (owner of Iberia) and .
Globalia, which had a turnover of nearly 4,000 million euros in 1997, is going through a delicate situation after the break in the tourism sector during the last year caused by the pandemic, which has led it to sell its businesses to different companies.
Javier Hidalgo led the sale of Air Europa (the first to go on sale) to IAG, an operation that was closed last January. The airline requested a bailout from the State Society of Industrial Participants (SEPI) due to the unsustainable financial situation caused by the pandemic, which was approved and ultimately amounted to 475 million euros. A “necessary” operation due to the “strategic nature” of the company chaired by Juan José Hidalgo.
After returning to the family tourism group five years ago, Hidalgo has also had to take charge of the rest of the ongoing processes, such as the merger of Halcón Viajes with Ávoris, which is part of the Barceló group.
The manager also managed to get SEPI to grant another rescue amounting to 320 million euros for Ávoris Corporación Empresarial, a company resulting from the integration of the Barceló and Globalia groups. The temporary aid operation for Ávoris Corporación Empresarial will be channeled through a participating loan of 163.2 million euros and an ordinary loan of 156.8 million euros. The company will have a maximum period of six years to fully repay the loans it receives.
According to Europa Press, Globalia has declined to comment on the resignation of the until now CEO of the group who would also be negotiating the sale of the Be Live hotel division and also awaiting the company’s departure from the handling service (land assistance aircraft) which is not included in the sale of Air Europa.
In January 2019, Javier Hidalgo increased his share capital in Globalia to 17%, after acquiring an additional 7% from Unicaja. The founder’s son became the second largest shareholder in Globalia (10%) in July 2018. , behind his father Juan José Hidalgo, the businessman from Salamanca who founded the tourism group and of which he is the current president, who controls 51%.
After taking over this stake, Javier Hidalgo controlled 17% of Globalia, after returning to the tourism group’s shareholding after five years away, when in 2013 he sold his 5% stake to businessman and former Balearic minister Abel Matutes.
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