Tui sells Travelopia in $407mn deal

Specialist holiday arm goes to private equity firm
Travel group Tui is selling its specialist holiday arm Travelopia to the private equity firm KKR at an ‘enterprise value’ of $407 million (€383 million).
Tui put Travelopia, consisting of more than 50 brands offering specialist luxury, adventure and education holidays, up for sale in September as part of a drive to sell non-core assets.
It said on Monday that it would invest proceeds from the sale, which valued Travelopia at 14.4 times Travelopia’s 2015-16 operating profit (EBITA), into the transformation of its business, without giving further details.
The sale will result in a non-cash charge of around €133 million but will have no impact on Tui’s EBITA full-year guidance to grow by at least 10% this year. Tui published its first-quarter results on Tuesday.