Transat A.T. to sell its French and Greek tour businesses to German-based TUI AG

MONTREAL – Transat A.T. Inc. (TSX:TRZ) says a German company has made a firm offer to purchase its Transat France and Tourgreece tour businesses, worth about C$80.3 million.

The Montreal-based company says it expects the 54.5-million euro deal with TUI AG to close before the end of October, pending various approvals.

Transat A.T. operates an integrated travel business that includes flights on its Air Transat airline and vacation packages in North America, Europe and other areas.

TUI Group operates in 180 destinations around the world and employs 76,000 people in 130 countries.

Transat says the proposed transaction will have no impact on its other operations.

Paris-based Transat France is the fourth largest tour operator in France, where it operates under the Vacances Transat and Look Voyages brands.

Transat France and Athens-based Tourgreece have a combined 800 employees.