The TUI Group has taken the next step towards becoming a “pure play tourism” company with the sale of the French scheduled carrier Corsair.
TUI Group has sold a majority stake in its French airline Corsair to German investor INTRO Aviation. INTRO will acquire a 53 percent stake in Corsair as a first step. Under the agreement, TUI Group will initially retain a minority stake of 27 percent, while Corsair’s Employee Benefit Trust will retain a 20 percent stake.
The financial details of the agreement have not been disclosed.
The French long-haul scheduled carrier is unable to deliver any synergy effects for TUI Group, TUI tour operators and cruise companies, and the Group’s five European charter airlines.
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.
“We are consistently transforming TUI to focus on tourism, its core business. Here, we are investing in hotels and cruise ships, and increasingly in holiday experiences in the destinations. These are segments in which we are growing, and where we are continuing to expand our global activities. We are exiting non-core business areas that do not leverage any synergies for the Group. The sale is the right move for TUI and will also benefit Corsair and its staff,” said TUI CEO Fritz Joussen.
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.