German tour operator TUI Group has disposed of its remaining shares in Air Berlin (1991) (Berlin Tegel) a spokesman has confirmed. The firm has been gradually watering down its stake in the airline from a peak of 9.9% to less than 3% late last year.
In 2009, TUI Travel and Air Berlin signed a strategic partnership agreement in which each party was to have acquired 19.9% of each other's shareholdings.
While the equity swap did not happen, Air Berlin did take over all of TUI fly (Germany)'s domestic German routes as well as those to Italy, Croatia, and Austria. In addition, Air Berlin agreed to wet-lease five B737-700s and nine B737-800s from TUIfly through to 2019.
