Cinven in final talks over buying TUI unit Hotelbeds: Reuters

(Reuters) — Private equity firm Cinven is in final talks over buying travel operator TUI’s Hotelbeds unit, a source close to the negotiations told Reuters on Monday.

Europe’s biggest tour operator TUI put its Hotelbeds Group unit up for sale at the end of last year, citing strategic reasons.

The value of the deal is estimated at around 1 billion euros ($1.12 billion).

A TUI spokesman didn’t confirm the talks and said the process was ongoing.

Cinven declined to comment. ($1 = 0.8891 euros)