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 in cash.
TUI put its Hotelbeds unit, which sells hotel 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, Reuters reported.
Hotelbeds reported turnover of 1.06 billion euros and underlying EBITA of 69 million euros in the year to end September 2015.
Hotelbeds sold to private equity group
