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.