19 March 2007 TUI and First Choice to merge
TUI, the owner of Thomson, has announced that it is to merge with First Choice Holidays to create what the companies predict to be one of the most efficient and profitable travel firms worldwide.
After the merger the new travel company known as TUI Travel will be formed, which will unify the administration, fleet and flight planning, IT infrastructure and marketing instruments of First Choice and TUI.
Peter Long, current chief executive officer and chief executive officer designate of TUI Travel, commented that the two companies will combine their strengths to benefit both parties.
"TUI is clearly the market leader in traditional beach package holidays," he said.
"And over the past few years, First Choice has successfully expanded in the modular travel segment and in certain niche markets and in doing so has achieved above average returns."
The Financial Times reports that this merger of the first and third largest tour operators in Europe follows the merger of Thomas Cook and MyTravel, the second and fourth largest European travel agents, a month ago.
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