EC Green Lights Transat, TUI AG Deal

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 Oct. 31, 2016, pursuant to provisions of the transfer agreement concluded on June 21, 2016.

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, 2016, 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 on either Transat’s transatlantic program or on Air Transat’s operations in Canada and Europe.

For more, go to http://www.transat.com .