Tui Group has announced the completion of the sale of Hotelbeds for €1.19 billion to British investor Cinven Capital Management and the Canada Pension Plan Investment Board.

The announcement marks the granting of all regulatory approvals for the deal, first announced in April, by the relevant authorities.

Tui said it “continues its transformation to an integrated tourism group with main focus on hotel and cruise businesses”

Fritz Joussen, Tui Group chief executive, said: “With the successful completion of the disposal, we are consistently continuing our strategy.

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