- Divestment of specialist tour operators Berge & Meer and Boomerang Reisen to private equity investor GENUI
- CEO Fritz Joussen: “Crucial step in order to further sharpen TUI’s tour operator business. Markets are moving closer together: Focus on greater efficiency through harmonisation of tour operators".
Hanover, 12 August 2019. The TUI Group is further restructuring its traditional tour operator business and sharpening its profile. The tourism group has concluded an agreement to divest its two German specialist tour operators Berge & Meer and Boomerang Reisen to equity investor GENUI. Hamburg-based private investment firm GENUI will acquire the two companies for around 100 million euros. The agreement was signed in Frankfurt today. Fritz Joussen, CEO of TUI Group: “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".
The traditional tour operator business is characterized by volatility for the entire industry. TUI has taken decisive steps to align the markets in the tour operator business, and will continue to further harmonise and standardise this segment.
The closing of the transaction is subject to the necessary approvals by the relevant authorities and is expected for 1 October 2019. Rengsdorf-based Berge & Meer with around 260 employees is a specialist for round trips. TUI holds a 100 per cent stake in the company through TUI Germany. Boomerang Reisen offers tailor-made long-haul trips to Oceania, Africa, and North/South America. The Trier-based company employs around 60 people. For the current financial year 2019, the two companies are expected to deliver combined revenues of around 276 million euros.