TUI Acquires Event Ticketing Platform Musement For Undisclosed Sum

LONDON (Alliance News) - TUI AG on Friday said it bought Italian technology start-up Musement to ...

Alliance News 14 September, 2018 | 1:38PM
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LONDON (Alliance News) - TUI AG on Friday said it bought Italian technology start-up Musement to strengthen its position in the destinations segment.

Musement is an online platform, used by one million clients, for activities, tours and excursions. It currently offers travellers around 35,000 products in 1,100 cities around the world. Musement portfolio ranges from admission tickets for museums, events and attractions via guided tours all the way to boat and bicycle tours.

The travel & tourism company did not disclose any financial details of the deal, but said the destination experiences market is one of the most attractive tourism segments, with worldwide revenue of EUR150 billion and annual growth of 7%.

Musement will be managed as an independent unit within the TUI's Destination Experiences division. TUI expects to deliver earnings growth by expanding its product range and digitalisation of the enlarged business.

"We are aiming to provide the most highly personalised experiences possible to our 20 million customers," said TUI Chief Executive Fritz Joussen.

"This will require a stronger digitalisation of our business," Joussen continued. "With the acquisition of Musement, we are taking a further crucial step in this direction."

TUI shares were trading 2.0% higher on Friday at 1,353.50 pence each.

By Evelina Grecenko; evelinagrecenko@alliancenews.com

Copyright 2018 Alliance News Limited. All Rights Reserved.

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Security Name Price Change (%) Morningstar
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TUI AG 1,227.00 GBX -3.16 -
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