EY instructed on Peru leg of TUI’s Destination Services acquisition

EY advised global tourism group TUI on the Peruvian tax aspects of its acquisition of Destination Management from Hotelbeds Group, a deal which spanned 25 countries.

TUI is headquartered in Germany and is one of world’s largest tourism companies, with operations in around 180 destinations.

The Destination Management division of Hotelbeds Group focuses on B2B excursions and transfers, tours, conferences, events and related activities as well as handling for cruise companies in ports. Hotelbeds itself was owned by TUI until 2016.

Following the acquisition, valued at $136 million, Destination Management will become part of TUI´s Spanish subsidiary, TUI Destination Services. 

Fernando Tori and Edwin Sarmiento led the EY team in Lima which advised TUI on the tax aspects of the acquisition of the Peruvian assets. 

For the global acquisition, TUI instructed Allen & Overy while Hotelbeds Group relied on Freshfields Bruckhaus Deringer.