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Allen & Overy advises TUI AG on sale of Travelopia to KKR for an enterprise value of EUR 381m

 

14 February 2017

Allen & Overy LLP has advised TUI AG in connection with the sale of Travelopia to funds controlled by Kohlberg Kravis Roberts & Co. L.P. ("KKR") for an enterprise value of GBP 325 million. The transaction is still subject to customary closing conditions and regulatory approvals.

Travelopia is part of TUI Travel, which was taken over by TUI AG as a whole in 2014 and is part of the Specialist Group segment. Travelopia brings together more than 50 brands of sector-leading specialist travel brands operating independently. In the last financial year the company generated turnover of approximately EUR 1.2 billion.

The sale of Travelopia is another significant step in the ongoing strategic realignment of TUI AG. The proceeds are to be reinvested in the group's transformation as the world's leading integrated tourism business, focussed on own hotel and cruise brands, and to further strengthen its balance sheet.

The Allen & Overy team was led by partner Dr. Helge Schäfer, and comprised counsels Dr. Jonas Wittgens and Marie-Luise von Buchwaldt, senior associates Daniel Martin Schulz, Max Landshut, Claire Coppel (London) and associates Dr. Moritz Merkenich, Sebastian Wallace (London) and Christin Götzke (all Corporate/M&A, Hamburg).

The team also included partners Dr. Heike Weber (Tax, Frankfurt), Lydia Challen (Tax, London), Tobias Neufeld (Data Protection, Dusseldorf), Alasdair Balfour (Antitrust, London), Judah Frogel (Banking & Finance, New York) and Cathy Bell-Walker (Banking & Finance, London), senior associates Peter Seidel (Tax, Frankfurt), Miray Kavruk (IP, Dusseldorf), Dr. Andreas Ziegler (Public Law/Regulatory, Frankfurt) and associates Max Kaufman (Antitrust, London), Dr. Wolfgang Wittek (Employment & Benefits, Hamburg), Dr. Patrick Flockenhaus (Data Protection, Dusseldorf), David Palmer (Employment & Benefits, London) and Dr. Daniel Bolm (Real Estate, Hamburg).

The inhouse legal team was led by Marcus Beger (Head of Group Corporate Law, M&A) and Mareike Ackermann (Group Corporate Law, M&A).

 

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