TUI Travel PLC (TT.LN) said Thursday that it has reached agreement with TUI AG (TUI1.XE) and its subsidiary undertaking, Magic Life GMBH & Co KG, to buy six separate operating companies through which Magic Life leases and manages 13 holiday clubs in Turkey, Tunisia, Egypt, Greece and Spain for EUR6, or EUR1 each.

MAIN FACTS:

-TUI to assume contingent debt of EUR10.5 million.

-Certain "Magic Life" trademarks and related rights are being acquired for a further EUR1 in cash.

-Business generated an operating loss before tax of EUR22.6 million for the year ended Sep. 30, 2010; this reported loss, when adjusted for certain costs that won't form part of the acquired business following the restructuring of Magic Life, is reduced to EUR10.3 million.

-TUI Travel expects the transaction to have a positive impact on underlying operating profit in the second half of 2011.

-TUI Travel shares at 1140 GMT up 2 pence, or 0.7%, at 232 pence valuing the company at GBP2.6 billion.

-By Ian Walker, Dow Jones Newswires; 44-20-7842-9296; ian.walker@dowjones.com

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