August 2021

Elbrus, iTech Bet on Flight Site as Russia Recovery Beats Europe

Private-equity funds iTech Capital and Elbrus Capital are seizing on a rebound in Russian tourism at home and abroad with a $43 million investment in one of the country's biggest flight-comparison websites.
Aviasales stands to benefit from passenger growth that's outpaced the recovery in Europe and is returning toward pre- pandemic levels. Aviasales will use the funds to expand and launch new products, it said in a statement. The investment is one of the biggest Russian deals this year in a private-equity market chilled by geopolitical tensions
with the West and the 2019 arrest of U.S. businessman Michael Calvey. With foreign travel still restricted, Russians have snapped up vacations across the nation's eleven time zones, boosting Aviasales' appeal.

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