Following the announcement on June 3, 2019 that Sunweb Group has entered into an agreement for the acquisition of the tour operator activities of Corendon in the Netherlands and Belgium, the back office in Turkey and Corendon Dutch Airlines (“Corendon”), Sunweb Group today confirms that it will not proceed with the acquisition and that it has terminated the take-over discussions in accordance with the terms. The reason for this is that the requirements to complete the transaction could not be met before the so-called “long stop date”. Sunweb Group and Corendon will continue as two separate companies with different shareholders.
“We regret making this announcement as Sunweb Group has invested significant time and resources to facilitate this transaction. As the requirements of the purchase and sale agreement have not been met for the long stop date, we have terminated the transaction“, says Mattijs ten Brink, CEO of Sunweb Group.
The sellers of Corendon have challenged Sunweb Group’s decision and the case will now be reviewed by the Amsterdam court. Sunweb Group has confidence in its legal position and makes this statement only to ensure correct and factual information as the legal proceedings will be made public.
COVID-19 has had a significant impact on the entire travel industry. Sunweb Group has been affected but has the advantage of offering a mix of sun and ski holidays with an asset-light business model and low fixed costs as it does not own aircraft or hotels and sells its packages directly online to consumers. These characteristics, combined with strong partnerships and continued support from its shareholders and lenders, ensure that Sunweb Group stands strong despite the difficult market conditions.
Mattijs ten Brink: “With the termination of the agreement, both organisations can fully focus on their most important priorities. In the current crisis, Sunweb Group, as the responsible digital holiday expert, remains committed to its customers and the promises made. At the same time, we will continue to ensure the health and safety of our passengers so that they can enjoy their future vacation worry-free. As an organisation, we will use the current period to further accelerate our digital agenda. I am delighted that our lenders and shareholders are behind us to continue helping through this crisis, even as the COVID-19 crisis is likely to continue.”
Sunweb Group is now making this announcement because the sellers of Corendon will make the situation public by initiating summary proceedings. Sunweb Group, therefore, wants to inform its stakeholders in a transparent manner.
Rotterdam, November 13, 2020