The merger of TUI Travel and First Choice Holidays is complete.
A review of businesses and potential synergies within the new combined TUI Travel is now underway, with results to be presented in January 2008. Cost savings, which are thought to include some travel agency closures, will also be identified and implemented over the next few months.
The combined group, with more than 200 brands worldwide, has 30 million customers from at least 20 source markets, a fleet of 155 aircraft in Europe and nearly 3,600 retail shops in the UK, Ireland and continental Europe.
TUI Travel chief executive Peter Long said: “The creation of TUI Travel plc represents real growth opportunities for us as a group. Not only will our shareholders benefit from efficiencies but we are also well positioned to deliver strong organic and acquisition-led growth.”
TUI Travel chairman Michael Frenzel added: “We will bring together some of the best known brands in leisure travel coupled with excellent management expertise. TUI Travel will be actively shaping the future of the tourism business.”
The new combined group TUI Travel is now trading on the London Stock Exchange with 1.1 million shares.