Sunweb Group will not proceed with the acquisition of Corendon based on the conditions in the purchase and sale agreement. Sunweb confirms that the Sunweb Group will not proceed with the acquisition and that it has terminated the SPA in accordance with the terms. The reason for this is that for the so-called “long stop date” the requirements to complete the transaction could not be met. 

Sunweb Group and Corendon will continue as two separate companies with different shareholders. 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.

Mattijs ten Brink: “With the termination of the agreement, both organizations can fully focus on their most important priorities. In the current crisis, Sunweb Group, as a 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 without worry. As an organization, we will use the current period to further accelerate our digital agenda. I am delighted that our lenders and shareholders are behind us to help us through this crisis, even as the COVID-19 crisis is likely to continue ”.

Although the number of major tour operators would drop from three to two, the takeover enough competition left. This was stated by the Authority for Consumers & Markets (ACM), which approved the acquisition. In addition to Sunweb and Corendon, travel organization TUI is a major competitor and there are several smaller players that offer package holidays and thus offer alternatives.

crisis may throw a spanner in the works

COVID-19 has had a significant impact on the entire travel industry. Sunweb Group has been hit, 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.

Almost a year and a half ago, the procedure was started to obtain approval from the competition authorities. That permission came two weeks ago, but now Sunweb refuses to continue. The judge will now have to consider a deal in which such calamities, such as a pandemic, may not be included in the decomposing factors. 

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.

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