TUI AG : Disposal of 49% stake in RUI JV (21 hotels), with a cash impact of € 540m
>Divestment of 49% of RUI Hotels JV - TUI AG yesterday evening announced the sale of its 49% stake in the RUI Hotels JV, which owns a portfolio of 21 RUI branded hotels, to its partner RUI Group through the entity SARANJA, S.L. The deal values the JV at € 1.5bn in terms of EV, including € 670m for the divested stake, or a multiple of 11.9x 2019 EBITDA. The cash impact is expected to be around € 540m for TUI, not including a potential earn-out; and the transaction is s...TUI is engaged in the tourism business, operating in some 180 countries. Co.'s segments include Hotels & Resorts, Cruises and Other Tourism. The Hotels & Resorts segment comprises all Group-owned hotels and hotel companies in TUI Group. The segment comprises majority participations in hotels, joint ventures with local partners, stakes in companies. The Cruises segment consists of Hapag-Lloyd Cruises and the joint venture TUI Cruises. Other Tourism segment comprises central functions such as destination services, IT, aviation control and the French airline Corsair.
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