TUI has sold its majority stake in French leisure carrier Corsair to German investment firm Intro Aviation, following through on the agreement-in-principle struck in October 2018.
Intro has acquired a 53% in Corsair, says TUI, which will "initially" retain a 27% stake, while Corsair employees hold 20%. Financial details of the transaction have not been disclosed.
The deal is the "right move for TUI and will also benefit Corsair and its staff", states the group's chief executive Fritz Joussen.
TUI notes that the divestment of a majority holding in Corsair is part of its strategy of becoming a "pure play" tourism company, adding that the Paris-based airline was "unable to deliver any synergy effects" for the group's tour and cruise companies.
It says that sale will effectively reduce its fleet by seven long-haul aircraft: three Boeing 747-400s, two Airbus A330-200s and two A330-300s.
Since October's agreement-in-principle, talks have focused on securing the backing of Corsair's employees.