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TUI to sell 2 tour operator units for €100M

German travel service provider TUI AG said Aug. 12 that it agreed to sell its two specialist tour operators — Berge & Meer and Boomerang Reisen — to Hamburg-based private equity investor GENUI GmbH for approximately €100 million.

The transaction comes as TUI restructures its traditional tour operator business.

"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," TUI CEO Fritz Joussen said in a statement.

Joussen added that the move further reduces the group's dependence on the tour operator segment.

Berge & Meer has about 260 employees, while Boomerang Reisen employs about 60 people. The companies are expected to deliver combined revenue of about €276 million, according to the release.

The deal is expected to close Oct. 1, subject to customary regulatory approvals.