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    TUI1   DE000TUAG000

TUI AG

(TUI1)
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Saranja S.L. completed the acquisition of 49% stake in Riu Hotels S.A. from TUI AG.

07/30/2021 EDT

Saranja S.L. signed an agreement to acquire 49% stake in RIU Hotels & Resorts from TUI AG (XTRA:TUI1) for approximately €670 million on May 27, 2021. The expected net cash consideration pre earn-out amounts to around €540 million at closing of the transaction. The earn-out-element is payable upon RIU Hotels S.A. delivering its FY 2022 and 2023 operating budget. CaixaBank financed the Riu Group with €825 million for the acquisition of 49% of 19 hotels owned by TUI Hotel. For the year ended September 30, 2020, RIU Hotels S.A. generated a total revenue of €226 million, an underlying EBIT of €28 million, Net Income of €10 million. The transaction is subject to final financing agreements and certain regulatory approvals. The transaction is approved by the Supervisory Board of TUI AG. The proceeds will be used to reduce the TUI AG's Corona debt. The transaction is expected to complete in late summer 2021. The transaction is expected to generate a considerable book gain for TUI. Lazard Frères & Co. LLC acted as financial advisor to TUI. Helge Schäfer and Jonas Wittgens of Allen & Overy LLP acted as legal advisor to TUI. Wilhelm Reinhardt of Gibson, Dunn & Crutcher LLP acted as legal advisor to Lazard Frères & Co. LLC. Saranja S.L. completed the acquisition of 49% stake in Riu Hotels S.A. from TUI AG (XTRA:TUI1) on July 30, 2021. TUI has received an initial purchase price payment of €541 million today and can receive an additional earn-out of around €130 million until 2023. The proceeds will be used to reduce the TUI's Corona debt.


ę S&P Capital IQ 2021
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Financials
Sales 2021 5 698 M 6 672 M 6 672 M
Net income 2021 -2 400 M -2 810 M -2 810 M
Net Debt 2021 6 125 M 7 172 M 7 172 M
P/E ratio 2021 -1,95x
Yield 2021 -
Capitalization 4 040 M 4 742 M 4 730 M
EV / Sales 2021 1,78x
EV / Sales 2022 0,56x
Nbr of Employees 46 518
Free-Float 64,2%
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Mean consensus SELL
Number of Analysts 10
Last Close Price 3,68 €
Average target price 2,40 €
Spread / Average Target -34,7%
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Managers and Directors
Friedrich Peter Joussen Chief Executive Officer
Sebastian Ebel Chief Financial Officer
Dieter Zetsche Chairman-Supervisory Board
Frank Rosenberger Chief Information Officer & Head-Future Markets
Hilka Schneider Group Director-Legal, Compliance & Board Office
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