Tourism company continues strategic refocusing
MONTREAL, Oct. 31, 2016 /CNW Telbec/ - Transat A.T. Inc. today concluded the sale of its France- and Greece-based tour-operating business units (Transat France and Tourgreece) to multinational tourism company TUI AG for €54.5 million (CA$80 million). The price could be adjusted on the date of final closure of the accounts and certification, within 90 days following the sale closing date, in concordance with adjustments relating to working capital. The transaction received authorization from European anti-trust authorities on October 21.
"This transaction marks an important step in Transat's history. It will enable us to pursue our strategic refocusing and to accelerate our development in the Americas market," said Transat President and CEO Jean‑Marc Eustache.
The sale of Transat France and Tourgreece will not bring about any change to Transat's transatlantic program, and will have no impact on the operations of Air Transat, which will be operating flights between 22 Canadian cities and 35 Sun destinations in Mexico and the Caribbean this winter season, and between six Canadian and 27 European cities next summer.
Transat A.T. Inc. is an integrated international tour operator with some 25 destination countries and that distributes products in over 50 countries. A holiday travel specialist, Transat operates mainly in Canada, Europe, Mexico and the Caribbean. Montreal-based Transat is also active in air transportation, accommodation, destination services and distribution. Transat is a recognized Travelife Partner whose firm commitment to sustainable tourism development is reflected in its multiple corporate responsibility initiatives. (TSX: TRZ).
SOURCE Transat A.T. Inc.
Odette Trottier, Director, Communications and Corporate Affairs, Transat A.T. Inc., 514 908-8891, email@example.com