28th Apr 2016 05:18
HANOVER (Alliance News) - Travel and tourism group TUI AG said that it has reached an agreement to sell its Hotelbeds business to GNVA Acquisitions Ltd for EUR1.19 billion in cash.
GNVA is owned by funds managed or advised by private equity investor Cinven and Canada Pension Plan Investment Board.
The deal is expected to complete by the end of September 2016.
TUI said proceeds from the sale will be used to invest in future growth opportunities and strengthen TUI's balance sheet.
Copyright RTT News/dpa-AFX
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