Intro Aviation acquires majority control of Corsair from TUI Aviation

TUI sells the loss-making business of the French airline subsidiary Corsair International to Intro Aviation, the German airline investor. The deal has long been scheduled. With a long-haul airline, the German business pursues major targets.

A buyer has been found by travel company TUI for its French airline Corsair. In a first move, the German investment company Intro Aviation will take over a 53% stake in the company, TUI said. Under the deal, as part of the transaction, TUI would initially hold a 27 percent interest in Corsair. The benefit trust fund of the Corsair workers retains 20 percent.

Corsair does not work within the company, according to TUI CEO Fritz Joussen, since synergies with the other TUI business units can hardly be accomplished, not even with the other TUI holiday airlines. Corsair is a long-haul French airline which, since the beginning of the millennium, has been part of the TUI Group.

The fact that Intro Aviation decided to take over the airline has been known for some time.

Seven aircraft, three Boeing 747s and two A330-300s and A330-200s each are currently operated by the airline. In early December, the French newspaper La Tribune announced that after the airline's acquisition, Intro would have doubled its fleet and would like to fly exclusively with Airbus A330neo aircraft in the future.

For years, Corsair has been part of the world's largest TUI travel group, but it has never been part of the TUI Aviation group of airlines and still has its own brand name.

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