FRANKFURT (Reuters) - Europe's largest tour operator TUI (L:TUIT) said on Wednesday it was buying Spanish hotel room specialist Hotelbeds Group's destination services business for 110 million euros (96.31 million pounds) in cash.
The deal will allow it to expand in the destination services market, which develops and arranges excursions at holiday destinations and which is growing at a rate of around 7 percent a year, TUI said in a statement.