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TUI to raise £500m to aid acquisitions
TUI Travel is to raise £500 million in new financing to partly help fund more "bolt-on" acquisitions.
Acquisition targets include the UK student travel segement and global cruise distribution services.
The group is on the hunt for high growth, high margin businesses in specialist sectors and on "value-added" mainstream acquisitions.
The funding is coming through a £350 million convertable bond issue and additional revolving credit facilities of £150 million.
The move comes a day after the Thomson and First Choice parent company disclosed that the volcanic ash problem was costing the group up to £6 million a day – £26 million in total up until yesterday.
TUI said most people whose flights have been cancelled are choosing to re-book holidays at a later date.
"Also, trading has remained robust despite the closure of UK airspace, with booking volumes since April 15 well ahead of the same period the prior year."
by Phil Davies
Phil Davies
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