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.