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Allen & Overy advises TUI on buying destination management division from Hotelbeds Group

 

28 March 2018

Allen & Overy LLP has advised the global leading tourism specialist TUI Group, which has its registered office in Hanover, on buying the destination management division from the Spanish Hotelbeds Group for EUR 110 million in cash. The deal makes the TUI Group the global leader in providing services at tourist destinations. With this acquisition, TUI is expanding the global presence and portfolio of services offered by its Spanish subsidiary TUI Destination Services.

TUI itself operates in over 100 countries across the world. Following the takeover, its Spanish subsidiary TUI Destination Services will have a presence in the form of branches and staff in 48 countries, will employ over 9,000 staff and generate turnover of EUR 700 million.

In 2016, TUI sold the Hotelbeds Group to the British investor Criven Capital Management and the Canada Pension Plan Investment Board – a team from Allen & Overy's Hamburg-based office led by partner Dr. Helge Schäfer and counsel Dr. Jonas Wittgens already advised on this deal.

The Allen & Overy team was led by partner Dr. Helge Schäfer (Corporate/M&A) and comprised partners Dr. Heike Weber (Tax, Frankfurt) and Alasdair Balfour (Antitrust, London), counsel Dr. Jonas Wittgens, senior associates Javier Bau and Bosco de Checa (Corporate/M&A, Barcelona) as well as associates Louisa Graubner, Dr. Moritz Merkenich (all Corporate/M&A, Hamburg), Emilio Fernandez (Corporate/M&A Barcelona), Miguel Zulaica (Corporate/M&A, Madrid) and Max Kaufman (Antitrust, London).

The transaction was coordinated in-house by Marcus Beger and Mareike Ackermann (both TUI Group Legal/M&A).

 

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