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TUI expansion into Russia and Ukraine

Joint venture with S-Group

[April 15, 2009]

Turkey

TUI Travel has announced plans to expand into the Russian and Ukrainian tourism markets as part of a new joint venture.

Following its partnership with S-Group Capital Management Limited (S-Group), the joint venture will acquire majority stakes in certain assets of two major tour operators and travel agency groups in Russia and Ukraine.

The companies to be invested in are VKO Group, a tour operator and travel agency group based in Russia, Voyage Kiev, a tour operator and travel agency group based in Ukraine and Mostravel, a Turkey and Egypt destination specialist based in Moscow.

Peter Long, Chief Executive of TUI Travel PLC, said: “TUI Travel will be the first major international tour operator with a significant presence in Russia and CIS. We are delighted with our partnership with S-Group which combines their local business knowledge and expertise with our vast experience in leisure travel. The agreements with VKO, Voyage Kiev and Mostravel will provide us with the scale and expertise to make a large impact on these markets.”

The Russian and CIS (Commonwealth of Independent States) leisure tourism market is growing significantly. Last year, six million Russians and one million Ukrainians travelled on traditional sun and beach holidays.

Written by: Maxine Clarke

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