TUI sells Hotelbeds unit to Cinven, CPPIB for $1.35 bln: Reuters
European tourism group TUI has agreed a deal to sell its Hotelbeds unit to private equity group Cinven and Canada Pension Plan Investment Board for 1.191 billion euros (US$1.35 billion) in cash, Reuters reported. TUI put its Hotelbeds unit, which sells hotels rooms to wholesale customers such as travel agencies and tour operators, up for sale because it didn't fit with its other tour operating, cruise and hotel businesses. The deal, expected to close in September, will see U.K.-based Cinven and CPPIB acquire equal stakes in the company.
28 April 2016•2 mins read
