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18 Feb 2011

Clayton Utz travels with TUI on Intrepid venture

Melbourne, 18 February 2011: Clayton Utz has worked alongside client TUI Travel PLC in providing the legal advice and support regarding TUI's entry into a strategic venture with global tour operator Intrepid Travel, announced on Thursday 17 February.

Melbourne Corporate partner Ron Smooker led the Clayton Utz team that advised TUI Travel, with support from fellow partner Nick Miller and lawyers Simon Bowden, Lisa Billington, Rebecca Hiew, Bree O'Connell and Laura Burke.

The venture will combine Intrepid Travel's and TUI Travel PLC’s international portfolio of adventure brands to create a global leader in adventure travel. TUI Travel will take a 60 percent stake in the venture, with the remaining stake owned by Intrepid's private shareholders. The deal is expected to complete later this year following satisfaction of conditions precedent .

Clayton Utz partner Ron Smooker said the firm was pleased to have worked alongside TUI Travel on a deal of such strategic significance. "The transaction although challenging was a cooperative exercise between all the parties and it was a privilege to assist in the launch of an exciting new venture."

Headquartered in the UK, TUI Travel PLC has operations in around 180 countries and more than 30 million customers. It has adventure travel businesses across the UK, Australia, North America and the Netherlands.

Several brands will be part of the TUI Travel / Intrepid Travel venture - Exodus, Guerba, Headwater, Imaginative Traveller, SunTrek The Adventure Company, TrekAmerica, Chameleon Worldwide, Dragoman Urban Adventures, Adventure Tours Australia, Gecko's, Intrepid Connections, Intrepid Suntrek, Intrepid Travel, Oz Experience, Peregrine, Pinnacle Tours, Western Xposure, Adventure Center, Country Walkers and Sawadee.

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Clayton Utz communications are intended to provide commentary and general information. They should not be relied upon as legal advice. Formal legal advice should be sought in particular transactions or on matters of interest arising from this communication. Persons listed may not be admitted in all States and Territories.