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Published on : Wednesday, November 20, 2013
TUI Travel PLC announces that it has agreed to sell the majority of its interests in The Airline Group Limited (“Airline Group”), a shareholder in UK Air Traffic controller NATS Holdings Limited (“NATS”), for cash consideration of approximately £38 million.
TUI Travel will sell 87.4% of its shareholding and loan note interests in Airline Group, which holds a 41.9% stake in NATS, to Universities Superannuation Scheme Limited, acting as sole corporate trustee of Universities Superannuation Scheme (“USS”). Following the transaction, TUI Travel will retain a small stub shareholding in Airline Group.
The transaction is expected to complete during the first quarter of calendar year 2014 and is subject to clearance from the European Commission.
Will Waggott, Chief Financial Officer of TUI Travel PLC, commented:
“Following the merger and subsequent creation of TUI Travel in 2007 our interests in Airline Group were identified as non-core. We are pleased to sell the majority of our interests in Airline Group and at a value that exceeds the current carrying value of the investment.”
SOurce: TUI Travel PLC.