Herbert Smith is advising longstanding client First Choice Holidays PLC ("First Choice") on its recommended merger with the tourism division of TUI AG. Gleiss Lutz advised First Choice on the considerable German aspects of the deal. The transaction will create one of the world's leading travel groups, TUI Travel PLC ("TUI Travel"), with pro forma revenues of £12.1 billion.
TUI Travel will have approximately 27 million customers in 20 source markets. It will be headquartered in the UK and application will be made for TUI Travel's shares to be admitted to listing on the Official List and to trading on the London Stock Exchange.
The merger is subject to the approval of First Choice shareholders and relevant anti-trust authorities.
Gleiss Lutz is being led by Andreas Wölfle (partner, London), Ralf Thaeter (partner, Berlin) and Cornelia Topf (Berlin), all M&A/corporate.
David Paterson (corporate) is leading the Herbert Smith team advising First Choice. His team comprises Clive Barnard (finance), Howard Murray (tax), Jonathan Scott and Veronica Roberts (EU/competition).
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