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Allen & Overy advises TUI on sale of Corsair scheduled airline to INTRO Aviation

 

19 March 2019

Allen & Overy has advised the global leading tourism specialist TUI Group on the sale of a majority stake in its French airline Corsair to German investor INTRO Aviation. INTRO will acquire a 53 per cent stake in Corsair as a first step. Under the agreement, TUI Group will initially retain a minority stake of 27 per cent, while Corsair’s Employee Benefit Trust will retain a 20 per cent stake. The financial details of the agreement have not been disclosed.

The sale will reduce TUI’s fleet by seven long-haul aircraft: three 747-400s as well as two A330-200s and A330-300s each.

Since the merger and integration of its former subsidiary TUI Travel at the end of 2014, TUI AG has successfully transformed from a trading business to the world’s leading integrated tourism group focusing on hotels, cruise ships and destination activities. This strategy resulted in the sale of numerous non-core subsidiaries and it has increased the Group’s leeway for comprehensive investments in hotels, ships and digital platforms in order to strengthen its future business.

The sale now initiated will create new and sustained prospects for the French airline Corsair and its employees. The investor is specialised on aviation and investments in aviation companies. Corsair’s business will be part of the investor’s core business.

The Allen & Overy team was led jointly by partner Dr Helge Schäfer and counsel Dr Jonas Wittgens (both Corporate/M&A, Hamburg) as well as partner Frédéric Moreau (Corporate/M&A, Paris), furthermore the team comprised partners Dr Heike Weber (Tax, Frankfurt) and Claire Toumieux (Employment, Paris), as well as associates Dr Moritz Merkenich (Corporate/M&A, Hamburg), Lucie Perrois (Employment), Lou-Andrea Bouet, Timothé Drezet und Carla Baeza (all Corporate/M&A, all Paris).

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

Rothschild (Frankfurt /Paris) acted as financial advisor to TUI.

 

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