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TUI, billionaire Mordashov, agree to form Russia travel venture

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Written by editor

TUI AG, the German owner of Europe’s largest travel company, agreed to form a joint venture with Russian billionaire Alexei Mordashov’s tourism assets to expand in the former Soviet Union.

TUI AG, the German owner of Europe’s largest travel company, agreed to form a joint venture with Russian billionaire Alexei Mordashov’s tourism assets to expand in the former Soviet Union.

Mordashov, who owns about 15 percent of TUI, will own 51 percent of the venture through his S-Group holding company and Hanover-based TUI will control the rest, TUI said in a regulatory filing today.

S-Group and TUI each agreed to invest $20 million in the venture this year, including the acquisitions of 75 percent of “certain assets” of Russian tour operator VKO Group and Ukrainian travel company Voyage Kiev and Moscow-based Mostravel, which specializes in trips to Turkey and Egypt, TUI said.