TUI To Sell Travelopia To KKR
TUI Group has agreed to sell its Travelopia unit to US private equity firm KKR for EUR€381 million (USD$404 million).
The sale of Travelopia, which styles itself ‘The world’s largest collection of specialist travel brands’, is part of the sale of the travel group’s non-core businesses.
TUI said the proceeds of the sale will be used to expand growth in the hotel and cruise segments of the market.
“The sale of Travelopia is the next strategic step in sharpening TUI’s profile,” TUI Group chief executive Fritz Joussen said. “We consistently continue to focus on becoming a vertically integrated tourism business… We have ambitious goals and want to take the TUI brand into new regions in the world in the coming years.”
Travelopia, which has a portfolio of over 50 specialist travel brands, has been managed as an independent unit since the merger of TUI and TUI Travel in 2014.