Leading leisure tourism group ‘could divest non-core holiday brands’

LONDON - Reuters

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TUI, the world’s largest leisure tourism group, is considering a spin-off of its non-core assets, which have turnover of about three billion euros ($3.33 billion), London’s The Times newspaper reported on Aug. 17.

TUI, which owns the Thomson and First Choice brands, could seek a separate listing of assets such as hotelbeds.com, Crystal Ski Holidays and Hayes & Jarvis, while continuing to retain a stake, the newspaper said. 

TUI officials were not immediately available for comment.

In July, TUI sold its 50 percent stake in Greek hotel chain Grecotel. The deal was valued between 40 million euros and 50 million euros, according to a person familiar with the matter.

The company recently said it took a 35 million euros to 40 million euros hit for canceled holidays to Tunisia after an attack in late June that killed 38 tourists, mainly Britons. 

TUI was created by last year’s merger of London-listed TUI Travel and German owner TUI AG. It is in the process of simplifying its structure and reorganizing its businesses.