TUI Group to sell Berge & Meer and Boomerang Reisen to GENUI for €100m.

TUI Group, an Anglo-German travel and tourism company, agreed to sell Berge & Meer and Boomerang Reisen, two German specialist tour operators, to GENUI, a private equity firm, for €100m. Fritz Joussen, CEO of TUI Group: “The transaction will sharpen TUI’s tour operator business and our position as a vertically integrated tourism group. Berge & Meer Touristik and Boomerang Reisen pursue different business models and have a different strategic alignment. Both therefore hardly generated any synergies with TUI's other business sectors. With the new owner, both companies will be better equipped to tap their full potential and thus have better growth opportunities. At the same time, TUI further reduces its dependence on the traditional tour operator business".