Tui Group has sold a majority stake in French airline Corsair to a German investor in the latest step towards becoming a ‘pure play’ tourism company.
INTRO Aviation will acquire a 53% stake in Corsair for an undisclosed sum as a first step.
Europe’s largest travel group will initially retain a minority stake of 27%, while Corsair’s Employee Benefit Trust will retain 20%.
Tui Group said the French long-haul scheduled carrier was “unable to deliver any synergy effects”.
The sale will reduce the group’s fleet by seven long-haul aircraft – three Boeing 747-400s two Airbus A330-200s and two A330-300s.
INTRO specialises in aviation and investments in companies in the sector. Corsair’s business will be part of its core business.
Tui CEO Fritz Joussen said: “We are consistently transforming Tui to focus on tourism, its core business.
“Here, we are investing in hotels and cruise ships, and increasingly in holiday experiences in the destinations.
“These are segments in which we are growing, and where we are continuing to expand our global activities.
“We are exiting non-core business areas that do not leverage any synergies for the group.
“The sale is the right move for TUI and will also benefit Corsair and its staff.”