CMS advises Raiffeisen-Tours RT-Reisen on sale of shares in travel agency joint venture Alpha to Schauinsland-Reisen

Berlin – Bavarian travel agency Raiffeisen-Tours RT-Reisen GmbH has sold a 50% stake in Alpha Reisebüro Partner GmbH to Duisburg-based Schauinsland-Reisen GmbH. The realignment of Alpha was triggered by the collapse into insolvency of the previous lead operator, Thomas Cook. Going forward, the individual travel agencies will use their own names and work closely with Schauinsland-Reisen. The transaction is currently awaiting approval from the competition authorities. Details were not disclosed. Closing is scheduled for the end of December or the beginning of next year.

A CMS team headed by Dr Eva Annett Grigoleit and Dr Igor Stenzel advised Raiffeisen-Tours RT-Reisen on all legal aspects of selling the shares to Schauinsland-Reisen. RT-Reisen also relied on the expertise of the Berlin-based CMS team led by Dr Eva Annett Grigoleit and Dr Igor Stenzel, together with the CMS insolvency law team headed by Frankfurt partner Joachim Kühne, when acquiring the Alpha shares from Thomas Cook in the provisional insolvency proceedings.

Raiffeisen-Tours RT-Reisen GmbH is part of RT-Raiffeisen Touristik Group GmbH, which is headquartered in Burghausen, Upper Bavaria. The group describes itself as the largest travel agency alliance in Germany, with more than 3,500 affiliated agencies.
Schauinsland-Reisen, based in Duisburg, is a medium-sized independent tour operator. With sales of EUR 1.37 billion in the 2018/19 financial year, the company is the fifth-largest flight tour operator in Germany according to its own figures.

CMS Germany

Dr Eva-Annett Grigoleit, Partner
Dr Igor Stenzel, Partner, both Corporate/M&A
Joachim Kühne, Partner
Dr Artur M. Swierczok, both Restructuring & Insolvency
Stefan Lehr, Partner, Competition & EU
Dr Ole Jani, Partner
Alexis von Kruedener, Senior Associate, both Intellectual Property

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