TUI Group has signed a deal to sell its 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.
The agreement was signed in Frankfurt on Monday.
Fritz Joussen, CEO of TUI Group said: "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 sale is expected to be concluded on October 1.
