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12 Sep 2016

BY Gary Noakes

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TRFBLI

Tui sells bed bank in €1 billion deal

Tui Group has sold its Hotelbeds brand following a joint bid from two investment companies.

Tui headquarters

The €1.19 billion sale of the bed bank is to British investor Cinven Capital Management and the Canada Pension Plan Investment Board. The deal has been cleared by regulators.

 

The sale is the latest part of the Tui Group’s strategy of concentrating on hotel and cruise businesses.

 

Fritz Joussen, Tui Group chief executive said: “With the successful completion of the disposal, we are consistently continuing our strategy.

 

“TUI covers the whole tourism value chain, however, our investments focus on our own products that differentiate us from our competition. These are primarily hotel and cruise businesses.

 

“We will use the proceeds to continue our growth roadmap for our hotel and cruise portfolio and further strengthen our balance sheet.”

 

The Group will reveal annual results on December 8.

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TTG Media Limited.
Place of registration: England and Wales.
Company number 08723341.
Registered address: New Bridge Street House, 30-34 New Bridge Street, London EC4V 6BJ
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