Sonata to acquire 50.1-per cent stake in Europe's TUI group's InfoTec firm

27 September 2006

For this, Sonata has entered into an agreement with TUI AG for an all-cash deal worth €18 million. TUI AG would hold the balance 49.9 per cent stake in TUI InfoTec.

The IT company is the offshore services provider for TUI AG. TUI InfoTec provides IT infrastructure management services and IT software services to the European market and will remain the preferred IT supplier to the TUI group.

With the acquisition, Sonata will be strategically positioned in the European market.

The deal includes TUI InfoTech's subsidiaries, Travel BA.sys and ACCON RVS, which provide a technology platform and back-office services for travel agencies, respectively.

Heinz Kreuzer, group CIO of TUI and managing director of TUI InfoTec, said 44 per cent of the company''s revenues in 2005 were contributed by software services and 56 per cent by IT infrastructure management.

TUI InfoTec had revenues of €130 million and 432 employees, top executives of the two companies told reporters in Bangalore.