City duo book places on First Choice-TUI tie-up
Allen & Overy (A&O) and Herbert Smith have landed the lead roles on the latest major tie-up in the fast-consolidating travel sector - the merger bid between UK holiday giant First Choice and German group TUI. The deal, which was announced today (19 March), will see First Choice combine with the tourism arm of TUI to create TUI Travel - a London-listed company with annual revenues of around £12bn.
March 19, 2007 at 09:10 AM
2 minute read
Allen & Overy (A&O) and Herbert Smith have landed the lead roles on the latest major tie-up in the fast-consolidating travel sector – the merger bid between UK holiday giant First Choice and German group TUI.
The deal, which was announced today (19 March), will see First Choice combine with the tourism arm of TUI to create TUI Travel – a London-listed company with annual revenues of around £12bn.
A&O is advising TUI – the owner of Thomson Holidays – with City corporate partner Alistair Asher leading a team that includes fellow corporate partner Don McGown and tax partner Patrick Mears.
Herbert Smith is acting for regular client First Choice, with corporate partner David Paterson leading the team. The City firm's German alliance partner, Gleiss Lutz, provided local advice for First Choice.
US firm Wilmer Cutler Pickering Hale & Dorr is advising TUI on German law, with Berlin corporate partner Roland Steinmeyer leading the team, while Brussels-based O'Melveny & Myers of counsel John Cook provided antitrust advice. Freshfields Bruckhaus Deringer US corporate head Sarah Murphy advised TUI on outstanding bond issues.
The deal is the latest Anglo-German tie-up in the travel sector and comes after Thomas Cook – owned by German retailer KarstadtQuelle – agreed a £3bn merger with MyTravel earlier this year. That deal saw Sullivan & Cromwell, Freshfields and Slaughter and May bag lead advisory roles.
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