Tui Travel to buy two Dreamliners as it sells stake in UK air traffic controller

Tui Travel has said this morning that it is selling the majority of its interests in The Airline Group for £38m. It also announced its plans to buy two Boeing Dreamliner jets. (Release)

Tui is to sell 87.4 per cent of its stake in Airline Group, a shareholder in UK air traffic controller NATS, to the Universities Superannuation Scheme, a UK pension scheme. Following the sale, TUI will "retain a small stub shareholding in Airline Group", said the statement.

Chief financial officer of Tui Will Waggott said: "Following the merger and subsequent creation of Tui Travel in 2007 our interests in Airline Group were identified as non-core. We are pleased to sell the majority of our interests in Airline Group and at a value that exceeds the current carrying value of the investment."

In a separate statement, Tui said that the purchase of the two additional Boeing 787-8 Dreamliners would see the company have 15 of the planes, after their delivery in 2016. The current value of the two planes is $422m (£264m). Four of Tui's six airlines currently, or will, operate Dreamliner aircraft. (Release)