TUI AG / Key word(s): Disposal
28.04.2016 01:25
Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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TUI AG ('TUI' or the 'Group') - Disposal of Hotelbeds Group for EUR1,191
million
*Strategic disposal of Hotelbeds Group ("Hotelbeds") represents a
significant step in TUI's progress as a content centric, vertically
integrated tourism business
*In line with the post merger strategy outlined at the Group's capital
markets update in May 2015 to maximise growth and value of non-tourism
businesses and deliver superior returns on investment for shareholders
*Proceeds will be used to invest in future growth opportunities and
strengthen TUI's balance sheet
Hanover, 28 April 2016. TUI AG is pleased to announce that it has reached
an agreement today to sell Hotelbeds to GNVA Acquisitions Limited, a
company which is ultimately owned by funds managed or advised by Cinven and
Canada Pension Plan Investment Board for a total cash consideration of
EUR1,191 million (the "Transaction"). The Transaction is still subject to
customary closing conditions and certain regulatory approvals and is
expected to complete by the end of September 2016.
Hotelbeds was previously part of the Group's Specialist Travel division
and comprises B2B hotel portals selling globally sourced accommodation
online to wholesale customers such as travel agencies and tour operators.
Hotelbeds is the global number 1 in the B2B accommodation wholesale space
with operations in more than 120 source markets. Due to their different
business models and strategies, Hotelbeds had been operated independently
from the Group's Tourism business in order to maximise the division's
growth and value.
In the year ended 30 September 2015 Hotelbeds generated a total
transaction value of EUR3,657 million, a turnover of EUR1,059 million,
underlying EBITA of EUR69 million and gross assets at signing amount to
EUR1,338 million.
Proceeds will be used to invest in future growth opportunities and
strengthen TUI's balance sheet. It is anticipated that an update will be
given at TUI's forthcoming H1 2015/16 results presentation.
Contact:
ANALYST & INVESTOR ENQUIRIES
Andy Long, Director of Investor Relations, Tel: +44 (0)1293 645 831
Contacts for Analysts and Investors in UK, Ireland and Americas
Sarah Coomes, Head of Investor Relations, Tel: +44 (0)1293 645 827
Hazel Newell, Investor Relations Manager, Tel: +44 (0)1293 645 823
Jacqui Smith, PA to Andy Long, Tel: +44 (0)1293 645 831
Contacts for Analysts and Investors in Continental Europe, Middle East and
Asia
Nicola Gehrt, Head of Investor Relations, Tel: +49 (0)511 566 1435
Ina Klose, Investor Relations Manager, Tel: +49 (0)511 566 1318
Jessica Blinne, Team Assistant, Tel: +49 (0)511 566 1425
28.04.2016 The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: TUI AG
Karl-Wiechert-Allee 4
30625 Hannover
Germany
Phone: +49 (0)511 566-00
Fax: +49 (0)511 566-1901
E-mail: Investor.Relations@tui.com
Internet: www.tui-group.com
ISIN: DE000TUAG000, DE000TUAG059,, DE000TUAG117,, DE000TUAG158
WKN: TUAG00 , TUAG05,, TUAG11,, TUAG15
Listed: Regulated Market in Hanover; Regulated Unofficial Market in
Berlin, Dusseldorf, Hamburg, Munich, Stuttgart; Terminbörse
EUREX; Open Market in Frankfurt
End of Announcement DGAP News-Service
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DGAP-Adhoc: TUI AG: TUI AG ('TUI' or the 'Group') - Disposal of Hotelbeds Group for EUR1,191 million
| Source: EQS Group AG