TUI sells Travelopia to KKR for EUR 381 million
TUI Group has agreed to sell its Travelopia unit to US private equity firm KKR for EUR 381 million (USD 404 million).
UK-based Travelopia styles itself ‘The world’s largest collection of specialist travel brands’, is part of the sale of TUI’s non-core businesses.
Travelopia brands are split between six sectors: Expeditions, Tailormade, Marine, Education, US Tour Operators and Events.
TUI said the proceeds of the sale will be used to expand growth in the hotel and cruise segments of the market.
Last September, TUI sold Hotelbeds Group for EUR1.19 billion and said that the group is selling because the specialist brands don't use the TUI brand, IT, hotels, cruise ships or planes, meaning the opportunities for mutual savings and benefits are limited, according to a Reuters report.
For KKR, the deal follows the lines of its such investments as PortAventura in Spain and online train ticket seller Trainline in the U.K.
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