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TUI sells off French airline
TUI Group has sold a majority stake in its French airline, Corsair, to German investor INTRO Aviation for an undisclosed sum.
INTRO will acquire a 53% stake in Corsair as a first step while TUI Group will initially retain a minority stake of 27% and Corsair’s Employee Benefit Trust will retain a 20% stake.
In a statement TUI said the French long-haul scheduled carrier is unable to ‘deliver any synergy effects’ for the group, TUI tour operators and cruise companies, and its five European charter airlines.
"We are consistently transforming TUI to focus on tourism, its core business," said TUI CEO Fritz Joussen.
"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."
The Corsair sale will reduce TUI’s fleet by seven long-haul aircraft: three 747-400s as well as two A330-200s and two A330-300s.
Since the merger and integration of its former subsidiary TUI Travel at the end of 2014, TUI Group has sold off numerous non-core subsidiaries to raise funds to invest in hotels, ships and digital platforms.
Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
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