Sunweb Group will not pursue the Corendon acquisition based on the terms in the sales and purchase agreement.

Sunweb Group will not pursue the Corendon acquisition based on the terms in the sales and purchase agreement.

Further to the announcement on June 3, 2019 that Sunweb Group had entered into an agreement to acquire Corendon tour operating activities in the Netherlands and Belgium, the back-office in Turkey and Corendon Dutch Airlines (“Corendon”), Sunweb today confirms that it will not pursue the acquisition and has terminated the SPA in accordance with its terms. The reason is that the requirements to complete the transaction were incapable of being completed by the long-stop date. Sunweb Group and Corendon will continue as two separate companies with different shareholders.

“We regret to make this announcement as Sunweb Group has invested significant time and resources into making this transaction happen. As the long-stop date of the sale and purchase agreement came due without all requirements being satisfied, we terminated the transaction,” says Mattijs ten Brink, CEO of the Sunweb Group.

The Sellers of Corendon have challenged Sunweb Group’s decision and the case will now be reviewed by the District Court of Amsterdam. Sunweb Group is confident in its legal position and is only issuing this statement to ensure accurate and factual information as the legal proceedings will become public.

COVID-19 has had significant impact on the entire travel industry. Sunweb Group is affected but benefits from its asset light business model, a mix between ski- and sun holidays and low fixed costs, as it does not own aircrafts or hotels, and sells its packages directly to consumers online. These characteristics, in combination with strong partnerships and continued support from its shareholders and lenders, ensure that Sunweb Group stands strong despite the difficult market circumstances.

Mattijs ten Brink: “With the termination of the deal, both organizations can fully focus on their respective key priorities. In the current crisis, and as a responsible digital holiday expert, Sunweb Group will stay committed to its customers and the promises made. At the same time we will continue to secure the health and safety of our passengers so they can enjoy their future holidays without concerns. As an organization we will use the current period to accelerate our digital agenda. I am pleased that our lenders and shareholders are supportive to take us through this crisis, even as the COVID-19 crisis is likely to drag out.”

Sunweb Group is making this announcement now since the initiation of injunction proceedings by the Sellers of Corendon will make the situation public. Sunweb Group therefore wants to inform its stakeholders transparently.

 

About Sunweb Group

As one of the largest travel operators in Europe, Sunweb Group is the driving force behind brands across seven international markets - in the Netherlands, Belgium, Denmark, France, UK, and Germany.

At Sunweb Group, our ambition is to become the leading digital holiday expert. We’ll do this by continuing to develop digital brands that stand out, leading the way for our partners through truly human interactions and ever-expanding hospitality expertise. To achieve this, we’re not afraid to do things differently, shaking up the market and setting new and bolder standards.

Sunweb and Eliza was here are the best-known brands of the group. Sunweb leads the way in online package holidays for sun worshippers and winter sports enthusiasts alike. Eliza was here is focussed on small-scale package travels to unique destinations for the discerning traveller. 

With around 400 employees and more than 250 tour guides and area managers in local destinations, we’re always there for our customers. And as an employer, Sunweb Group are proud of our unique attitude, encouraging our people to develop an open mind, personal growth and to make a meaningful impact every day. 

This combination of our people focussed ethos, centralised management and strong online business model has paid off with more than a million happy customers for Sunweb Group every year. Sunweb Group were acquired by Triton Fund V in February 2019, and we look forward to continuing to make travel a pleasure for millions more. 

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Sunweb Group
Martine Langerak
Head of Communications & PR
Phone: +31 6 531 316 04
E-mail: martine.langerak@sunwebgroup.com

PR Agency LEWIS 
Kirsten Spoelstra en Willemijn Albers
Phone: +31 20 220 0220
E-mail: sunwebnl@teamlewis.com

Sunweb Group
Schützengasse 4
CH-8001 Zürich
Switzerland