Allen & Overy advises TUI on sale of Corsair to INTRO Aviation
Frankfurt am Main -Allen & Overy LLP has advised Hanover-based TUI Group, the world’s leading tourism group, on the sale of a majority stake in French airline Corsair to German investor INTRO Aviation. INTRO is acquiring 53 percent of Corsair in a first step. Under the agreement, TUI Group will initially retain a minority stake of 27 percent, while the Corsair employees’ trust fund will retain 20 percent of the shares. Financial details of the contract were not disclosed.
The sale will remove seven long-haul aircraft from TUI’s fleet — three 747–400s and two A330-200s and two A330-300s.
Since the acquisition and integration of the former subsidiary TUI Travel at the end of 2014, TUI AG has been successfully transformed from a travel retailer into the leading international integrated tourism group with a focus on hotels, cruises and activities in vacation destinations. This strategy resulted in numerous disposals of non-core subsidiaries. This expanded the scope for extensive investments in hotels, ships and digital platforms in order to strengthen TUI’s future business.
The initiated sale creates new and sustainable perspectives for Corsair and the employees of the French airline. The investor is an investor specializing in aviation and aviation investments. Corsair’s business is part of the core business there.
The Allen & Overy team was led by partner Dr. Helge Schäfer and counsel Dr. Jonas Wittgens (Corporate/M&A, Hamburg) and partner Frédéric Moreau (Corporate/M&A, Paris); the team also included partners Dr. Heike Weber (Tax, Frankfurt) and Claire Toumieux (Labor, Paris). Heike Weber (Tax, Frankfurt) and Claire Toumieux (Labor, Paris) as well as associates Dr. Moritz Merkenich (Corporate/M&A, Hamburg), Lucie Perrois (Labor), Lou-Andrea Bouet, Timothé Drezet and Carla Baeza (all Corporate/M&A, all Paris).
Inhouse legal support for the transaction was provided by Mr. Marcus Beger (TUI Group Legal/M&A).
Rothschild (Frankfurt/Paris) was retained as Financial Advisor to TUI.
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Allen & Overy is represented in Germany at its offices in Düsseldorf, Frankfurt am Main, Hamburg and Munich with approximately 220 lawyers, including 46 partners. The lawyers advise leading national and international companies primarily in the areas of banking, finance and capital markets law, corporate law and M&A, tax law as well as other areas of business law.