Competition officials at the European Commission have waved through the deal despite concerns that KKR was in the process of acquiring indirect joint control of Apple Leisure Group, a substantial US-based tour operator that is also parent company of AMResorts.

The Commission was asked to investigate because Travelopia, which claims to be the world’s largest collection of specialist brands, operates in the US as well as the UK and Australia, among ‘numerous’ other countries.

Travelopia has around 50 well-known travel brands in its portfolio with annual revenue of €1.5 billion. Its UK brands include Citalia, Exodus, Flexiski, Hays & Jarvis, SkiBound and Sunsail. Tui AG put the company on the market in September, with an estimated price tag of €500-600 million.

The deal means Tui is freer to concentrate on its mainstream businesses, although it has retained Crystal Ski and Thomson Lakes & Mountains brands. It is also an about-turn from strategy under previous boss Peter Long, who had sought to diversify Tui away from ’fly and flop’ packages.