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The company TUI Russia & CIS created with the participation of German tourism group TUI, said that his company buys Russian SvoiTravel Group which deals with booking hotels and travel arrangements. Amount of the purchase were not disclosed.
After completion of the transaction Svoi Travel Group will join TUI Travel PLC Accomodation & Destinations, which specializes in outbound tourism for different customers' groups.
Completion the transaction is scheduled for late March 2011 after obtaining all legal approvals, TUI Travel reports.
TUI Travel Russia & CIS was established in April 2009 as a joint venture of investment company S-Group owned by billionaire Alexei Mordashov and the German TUI Travel, which has 49 per cent in the joint venture.
The deal will be the fourth purchase of TUI Travel Russia & CIS: the company acquired 75 percent of Russian VKO Group and Mostravel, as well as control of the Ukrainian tourist company Voyage Kiev.
S-Group of Alexey Mordashov, in turn, is the largest shareholder of German TUI AG, the parent company of TUI Travel with a share of 18 percent.
After completion of the transaction Svoi Travel Group will join TUI Travel PLC Accomodation & Destinations, which specializes in outbound tourism for different customers' groups.
Completion the transaction is scheduled for late March 2011 after obtaining all legal approvals, TUI Travel reports.
TUI Travel Russia & CIS was established in April 2009 as a joint venture of investment company S-Group owned by billionaire Alexei Mordashov and the German TUI Travel, which has 49 per cent in the joint venture.
The deal will be the fourth purchase of TUI Travel Russia & CIS: the company acquired 75 percent of Russian VKO Group and Mostravel, as well as control of the Ukrainian tourist company Voyage Kiev.
S-Group of Alexey Mordashov, in turn, is the largest shareholder of German TUI AG, the parent company of TUI Travel with a share of 18 percent.
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