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Tui Group secures €1.8 billion funding package
Tui Group has secured an extra €1.8 billion (£1.63 billion) in funding from the German government, banks and its largest shareholder.
Europe’s largest tour operator said the extra cash would “strengthen the group’s equity and balance sheet and secure liquidity for the ongoing pandemic in 2021”.
The Mordashov family, which is Tui’s largest shareholder through its company Unifirm Ltd, has agreed to contribute to the fundraising.
Fritz Joussen, Tui’s chief executive, said: “The financial package provides the security to look consistently ahead and to prepare the group strategically and structurally for the time after the pandemic.
“With these measures, the group is securing liquidity for a continuing pandemic in 2021, while at the same time improving our balance sheet structures in the long term.
“The overall package of different financing from various partners shows the broad confidence of all parties involved in the future of tourism and the Tui Group.”
Rob Gill
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