One of the largest tourist companies in the world reduced its share in the joint venture with Mordashov
The travel concern TUI Group has again reduced its share in its Russian representative office in favor of Alexey Mordashov. Now TUI has only 10%, while creating a joint venture in 2009 it was 49%
The German TUI Group, which calls itself the largest tourist holding in the world, reported on the results of the 2018 fiscal year, which ended on September 30. It follows from the report that over the past year TUI has reduced by 10% its share in TUI Russia & CIS office. The remaining packet size is not specified.
The Russian representative office, initially operating under TUI brand, was created in 2009: 49% was received by the German concern, 51% - by the structure of the main owner of Severstal, Alexey Mordashov. Then the partners invested in a JV $ 40 million. For this sum, in particular, were bought 75% of Russian VKO Group tour holding, 75% of Ukrainian tour operator Voyazh-Kiev, and the share in Mostovel tour operator was increased from 34 to 75% (co-owner of which was TUI). Later, TUI and Mordashov became the sole owners of tour operator assets, which was acting under TUI brand.
But in 2015, TUI Group announced that it would reduce its stake to 25% in the Russian joint venture in favor of Mordashov structures. At the same time, the partners announced about € 7.1 million of investments in the Russian division: of these, TUI invested only € 2.7 million, and Mordashov - € 4.4 million.