The Tui Group is to sell its specialist German tour operators Berge & Meer and Boomerang Reisen.
An agreement has been reached with Hamburg-based private equity investor GENUI to acquire the two brands for about €100 million.
The deal was signed in Frankfurt on Monday and is expected to complete in October.
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Berge & Meer is a specialist for ‘round trips’ and has around 260 employees. Boomerang Reisen offers tailor-made long-haul trips to Oceania, Africa, and North and South America, and employs around 60 people.
The two companies are expected to deliver combined revenues of around €276 million for 2019.
Tui Group chief executive Fritz Joussen said: “The transaction will sharpen Tui’s tour operator business and our position as a vertically integrated tourism group. Berge & Meer Touristik and Boomerang Reisen pursue different business models and have a different strategic alignment.
“Both therefore hardly generated any synergies with Tui’s other business sectors. With the new owner, both companies will be better equipped to tap their full potential and thus have better growth opportunities. At the same time, Tui further reduces its dependence on the traditional tour operator business”.
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