Transat gets go-ahead for sale of France, Greece tour op units to TUI AG

MONTREAL — The European Commission has authorized the sale, with no conditions attached, of Transat A.T.’s France- and Greece-based tour-operating business units (Transat France and Tourgreece) to TUI AG.

The transaction will take effect on Oct. 31, pursuant to the provisions of the transfer agreement concluded on June 21.

Transat announced its intention to dispose of its tour-operating assets in France and Greece in January 2016 in order to pursue implementation of its refocusing strategy and to accelerate its development in the Americas market, according to the company.

TUI AG presented a firm offer of purchase on May 11 for an estimated enterprise value of €54.5 million, subject to working-capital adjustments at closing.

Transat says the transaction will have no impact either on its transatlantic program or on Air Transat’s operations in Canada and Europe.