TUI AG: TUI Group - Related Party Transaction - Disposal of 10% minority holding in Togebi Holdings Ltd 'TUI Russia' to KN-Holding LLC

Dissemination of a Regulatory Announcement, transmitted by EQS Group.

Metadata

Provider:

EQS

Retrieved on:

Friday, March 26, 2021

Information

Tags:

TUI Group, Tui, Companies, Economy of Germany

Geotags:

CONTINENTAL EUROPE, RUSSIA, ASIA, AMERICAS, HANOVER, UK, MIDDLE EAST, IRELAND

Summary

Key Points:

Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
TUI Group announces it has completed an agreement to dispose of its remaining 10% shareholding in TUI Russia, to KN-Holding, the existing 90% shareholder of TUI Russia.
The disposal has been agreed for an off-set value of USD$11.9m, with TUI receiving a cash benefit from the repayment of a proportion of outstanding loans on closing of the agreement.

TUI AG (TUI)

TUI AG: TUI Group - Related Party Transaction - Disposal of 10% minority holding in Togebi Holdings Ltd 'TUI Russia' to KN-Holding LLC

26-March-2021 / 17:06 CET/CEST

Dissemination of a Regulatory Announcement, transmitted by EQS Group.

The issuer is solely responsible for the content of this announcement.

Hannover, 26.03.2021. TUI Group announces it has completed an agreement to dispose of its remaining 10% shareholding in TUI Russia, to KN-Holding, the existing 90% shareholder of TUI Russia.

The disposal has been agreed for an off-set value of USD$11.9m, with TUI receiving a cash benefit from the repayment of a proportion of outstanding loans on closing of the agreement.

Going forward, TUI Russia intends to pursue a standalone digital transformation strategy and the TUI brand will continue to be used under a brand license agreement.

KN-Holdings LLC is wholly owned and controlled by Kirill and Nikita Mordashov and is the majority owner of Unifirm Ltd. Unifirm Ltd, according to its latest voting rights notification, owns approximately 30.1% of TUI Group and KN-Holding is therefore considered to be a related party.

The agreement falls within the FCA Listing Rules 11.1.10R and a sponsor's written confirmation has been obtained stating that the agreement is fair and reasonable as far as TUI Group's shareholders are concerned.

ANALYST & INVESTOR ENQUIRIES

Mathias Kiep, Group Director Investor Relations and Corporate Finance	Tel: +44 (0)1293 645 925/ +49 (0)511 566 1425

Nicola Gehrt, Director, Head of Group Investor Relations	Tel: +49 (0)511 566 1435
Contacts for Analysts and Investors in UK, Ireland and Americas
Hazel Chung, Senior Investor Relations Manager	Tel: +44 (0)1293 645 823
Contacts for Analysts and Investors in Continental Europe, Middle East and Asia
Ina Klose, Senior Investor Relations Manager	Tel: +49 (0)511 566 1318
Media
Kuzey Alexander Esener, Head of Media Relations, Group Communications	Tel: +49 (0)511 566 6024

Media

Kuzey Alexander Esener, Head of Media Relations Tel: +49 (0)511 566 6024


ISIN:	DE000TUAG000
Category Code:	MSCL
TIDM:	TUI
LEI Code:	529900SL2WSPV293B552
OAM Categories:	3.1. Additional regulated information required to be disclosed under the laws of a Member State
Sequence No.:	96427
EQS News ID:	1179045


End of Announcement	EQS News Service