Fri, 29 Apr 2016 | DIVISION SALE
The multinational firm behind UK travel company Thomson is selling off its Hotelbeds division for £930 million as it looks to double down on its core business interests.
TUI Group began looking for potential suitors last year, with analysts predicting that the B2B bedbank platform Hotelbeds would fetch at least £1 billion. The FTSE 100 company had already sold off hotel bookings website LateRooms, which was part of Hotelbeds, in October 2015.
Now it has been revealed that Europe’s largest travel group will sell Hotelbeds to private equity house Cinven and Canada Pension Plan Investment Board (CPPIB). The £930 million deal is expected to be completed by the end of September.
Hotelbeds provides transfers, excursions and tours, meetings and events, visa processing, outsourcing and cruise handling services, and currently employs around 6,150 people globally.
TUI Group representatives have said the profits from the sale will be invested back into the business, as it looks to maximise growth opportunities and strengthen its balance sheet. A statement read: “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.”
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