TUI and Thomas Cook sell Airline Group stakes

TUI and Thomas Cook sell Airline Group stakes

Companies sell off 'non-core' assets

Companies sell off 'non-core' assets

Gatwick Airport
Airline Group has a stake in NATS

Both TUI and Thomas Cook have sold off their stakes in the Airline Group.

TUI has sold off 87.4% of its shareholdings and loan interests in Airline Group for GBP38 million to the Superannuation Scheme Limited, which is a trustee of Universities Superannuation Scheme (“USS”). Airline Group holds a 41.9% stake in UK air traffic controller NATS.

“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 interest in Airline Group and at a value that exceeds the current carrying value of the investment.”

Thomas Cook is also expected to bring in GBP38m by selling off its 91.5% shareholding and loan interests in the group.

Both transactions are due to clear at the beginning of 2014 subject to approval from the European Commission.

Gary Marshall
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Gary Marshall
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