TUI Agrees to Sell Hotelbeds for 1.19 Billion Euros

TUI AG agreed to sell its Hotelbeds unit to funds managed by Cinven Ltd. and the Canada Pension Plan Investment Board for 1.19 billion euros ($1.3 billion).

The sale of the unit, which sells accommodations wholesale to travel agencies, is expected to be completed by the end of September, TUI said Wednesday in a statement.

(Corrects amount in first paragraph.)
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