BERLIN: German tourism giant TUI said it has agreed to sell off its Hotelbeds unit to two investment funds for 1.2 billion euros (US$1.4 billion), the German group said in a statement late on Wednesday.
Hotelbeds describes itself as the No. 1 bedbank worldwide, offering hotel capacity to travel agencies and tour operators in more than 120 countries. The transaction is subject to regulatory approvals and is expected to complete by end of September, TUI said.