LONDON – LAWFUEL – Law & Business News – Allen & Overy LLP is advising TUI AG on the proposed GBP 12.1 billion merger of First Choice Holidays PLC and the Tourism division of TUI AG to create a market leading international leisure travel company. The merged-entity will be called TUI Travel plc, and will be headquartered in the UK, plus listed on the London Stock Exchange.
TUI Travel plc will have pro forma revenues of GBP 12.1 billion, EBITDA of GBP 562 million and earnings before interest and tax of GBP 337 million. The Enlarged Group will be chaired by Dr. Michael Frenzel, deputy chaired by Sir Mike Hodgkinson, and managed by Chief Executive Peter Long, Deputy CEO Peter Rothwell and Group Finance Officer Paul Bowtell.
The Allen & Overy team is being led by Corporate partners Alistair Asher and Don McGown, assisted by Seth Jones, Raj Bahia and Geoff Bungey. Tax partner Patrick Mears, assisted by Kate Skinner, Incentives partner Paul McCarthy, assisted by Suzy Giele and Pensions partner Dana Burstow, assisted by Jessica Martin also advised on the transaction.
Commenting Alistair Asher said: “There is currently a consolidation process in the sector which reflects the recent changes in customer preferences in the retail travel industry. It is a technically complex cross border merger and we are delighted to be representing TUI AG.”
For further information please contact Karen Levin ([email protected]) on +44 (0)20 3088 4341.