Transat A.T. Inc. has concluded the sale of its France- and Greece-based tour-operating business units (Transat France and Tourgreece) to multinational tourism company TUI AG for $80 million.
According to officials, the price could be adjusted on the date of final closure of the accounts and certification, within 90 days following the sale closing date, in concordance with adjustments relating to working capital. The transaction received authorization from European anti-trust authorities on Oct. 21.
“This transaction marks an important step in Transat’s history. It will enable us to pursue our strategic refocusing and to accelerate our development in the Americas market,” said Transat president and CEO Jean-Marc Eustache (pictured).
The sale of Transat France and Tourgreece will not bring about any change to Transat’s transatlantic program, and will have no impact on the operations of Air Transat, which will be operating flights between 22 Canadian cities and 35 Sun destinations in Mexico and the Caribbean this winter season, and between six Canadian and 27 European cities next summer.