Mayer Brown advised TUI Group on the sale of its stake in Peakwork AG to Constellation Software, Inc. The sale by TUI was carried out together with the sale of the shares held by the other shareholders of Peakwork AG. Financial details of the acquisition were not disclosed.
Peakwork, a German company founded in 2009, develops distribution systems used by airlines, tour operators and online travel agencies. Its product enables travel suppliers to access these services to sell to customers.
Peakwork, which has about 150 employees, will become part of Vela Software, one of Constellation Software’s six business units. The company will operate independently and emphasized that there will be no disruption of services.
Peakwork was previously owned by TUI Beteiligungs GmbH, founder Ralf Usbeck and other members of the management team as well as the private equity fund Brockhaus.
Mayer Brown regularly advises TUI Group on transactions, including the acquisition of its stake in Peakwork AG in 2016.
The Mayer Brown team was led by Corporate & Securities partner Dr. Jan Streer (Düsseldorf); Tax – partner Volker Junge (Frankfurt); and Merger Control partner Christian Horstkotte and associate Lars Schinkel (both Düsseldorf). On the TUI Group side, the transaction was managed on the legal side by Mareike Ackermann (In-house Senior Legal Counsel). The joint interests of all shareholders were advised by the law firm Pöllath (Philipp von Braunschweig).