Tui Group cuts stake in Russia joint venture

Tui: Move is “prudent as we enter into the off-peak winter period”
Tui Group has almost halved its stake in its Russia and CIS joint venture as the region continues to struggle economically, TTG Digital reports. It will now hold 25% of the business, down from 49%, with the rest taken by partner SeverGroup.
“Given the ongoing challenging trading environment for tour operators located in the Russian and Ukrainian source markets, these arrangements are prudent as we enter into the off-peak winter period,” Tui said in a statement.
SeverGroup is wholly owned and controlled by Russian businessman Alexey Mordashov, who also owns 13% of Tui.
Falling oil prices and conflict in Ukraine has brought greater uncertainty to the region. Tui Group entered the Russian market in 2009 when the region was booming.
TTG Digital