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The group TUI sells its subsidiary HotelBeds for close to 1.2 billion euros

The leading European tour operator, the German agent confirmed the sale of its BtoB division for the record sum of 1.165 billion euros. Its new owners are the private equity group Cinven and the Canada Pension Plan Investment Board (CPPIB).

The takeover announcement had been expected for several days when it was confirmed yesterday by the German group: Cinven and the CPPIB, associates in a partnership, have taken over the  BtoB hotel reservation platform for 1.165 billion euros. Staff at HotelBeds and its President and CEO Joan Vilà will stay on following this operation, which should be complete in the fall and still needs to be approved by the competent authorities.

The BtoB hotel reservation platform realized 1.06 billion euros in revenues resulting in an gross operating surplus of 69 million euros for the fiscal year 2015. Based in Palma de Majorca, HotelsBeds has a total inventory of 75,000 properties in pays, et 150 people worldwide. In addition to accommodations, the platform also operates on the events and cruise sectors as well as visa processing, as well as tours and excursions. The TUI group declared its intention to use the revenues from this sale to improve its balance and finance new development prjoects.

Also read:

  • TUI Blue remains on growth path
  • TUI commits to building 10 new hotels in Greece
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