TUI Group sells two German specialist operators
TUI Group has signed a deal to sell its German specialist tour operators Berge & Meer and Boomerang Reisen to equity investor GENUI.
Hamburg-based private investment firm GENUI will acquire the two companies for around €100 million.
The agreement was signed in Frankfurt on Monday.
Fritz Joussen, CEO of TUI Group said: "The transaction will sharpen TUI’s tour operator business and our position as a vertically integrated tourism group.
"Berge & Meer Touristik and Boomerang Reisen pursue different business models and have a different strategic alignment. Both therefore hardly generated any synergies with TUI’s other business sectors.
"With the new owner, both companies will be better equipped to tap their full potential and thus have better growth opportunities. At the same time, TUI further reduces its dependence on the traditional tour operator business."
The sale is expected to be concluded on October 1.
Lisa
Lisa joined Travel Weekly nearly 25 years ago as technology reporter and then sailed around the world for a couple of years as cruise correspondent, before becoming deputy editor. Now freelance, Lisa writes for various print and web publications, edits Corporate Traveller’s client magazine, Gateway, and works on the acclaimed Remembering Wildlife series of photography books, which raise awareness of nature’s most at-risk species and helps to fund their protection.
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