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Sale of Transat's tour-operating business units in France and Greece to TUI AG receives green light from European Commission
Transaction to take effect October 31
MONTREAL, Oct. 21, 2016 /CNW Telbec/ - Following study of the transaction documents filed on September 16, 2016, the European Commission has authorized the sale, with no conditions attached, of Transat A.T.'s France- and Greece-based tour-operating business units (Transat France and Tourgreece) to TUI AG. The transaction will take effect on October 31, pursuant to the provisions of the transfer agreement concluded on June 21.
In January 2016, Transat had announced its intention to dispose of its tour-operating assets in France and Greece in order to pursue implementation of its refocusing strategy and to accelerate its development in the Americas market. On May 11, TUI AG presented a firm offer of purchase for an estimated enterprise value of €54.5 million, subject to working-capital adjustments at closing. The transaction will have no impact either on Transat's transatlantic program or on Air Transat's operations in Canada and Europe.
Transat A.T. Inc. is an integrated international tour operator with more than 60 destination countries and that distributes products in over 50 countries. A holiday travel specialist, Transat operates mainly in Canada and Europe, as well as in the Caribbean, Mexico and the Mediterranean Basin. Montreal-based Transat is also active in air transportation, accommodation, destination services and distribution. Transat's is a recognized Travelife Partner whose firm commitment to sustainable tourism development is reflected in its multiple corporate responsibility initiatives. (TSX: TRZ).
SOURCE Transat A.T. Inc.
For further information: Odette Trottier, Director, Communications and Corporate Affairs, Transat A.T. Inc., 514 908-8891, firstname.lastname@example.org