TUI has entered a strategic venture with Intrepid Travel to boost its presence in the adventure travel market. The consolidation will see TUI own 60 percent of the business, while 40 percent will be owned by Intrepid Travel. It is expected that the venture will be completed by May 2011. “Specialist travel is an important part of our business and one of our key drivers of growth due to strong margins and development opportunities.,” said Peter Long, chief executive of TUI Travel. This deal with Intrepid Travel will significantly enhance our position in the fast growing adventure travel sector. We believe this venture has great potential for value creation through the increased scale, synergies and growth of the combined businesses.” Darrell Wade, CEO and co-founder of Intrepid Travel will become CEO of the venture and its board will be chaired by John Wimbleton, managing director of TUI’s specialist and activity sector.