The international law firm Milbank LLP has advised ProSieben Travel GmbH, a 100% subsidiary of ProSiebenSat.1 Media SE, on the sale of all shares of the tour operator Tropo to dnata, one of the world’s largest air services providers. The purchase agreement also includes TV media volume worth several million euros for 2018 and 2019.
Tropo is a dynamic tour operator for low-cost and high-quality travel packages, last-minute holidays and hotel reservations offering up to 200 million vacation options every day. ProSiebenSat.1 has held a majority stake in Tropo GmbH since 2012. In the roughly six years it has belonged to the media group, the tour operator has increased its brand awareness significantly through the use of TV advertising. The company has successfully defended its position against the challenging market environment in its highly competitive travel segment in recent years.
dnata is one of the world’s largest air services providers. Established in 1959, the company ensures the aviation industry operates smoothly and efficiently in 130 airports. Offering ground handling, cargo, travel, and flight catering services in 84 countries across six continents, dnata is a trusted partner for over 300 airline customers around the world. Every day, the company handles over 1,800 flights, carries over 8,400 tonnes of cargo, assists over 240,000 passengers, books over 21,000 hotel stays, and uplifts over 320,000 meals.
ProSiebenSat.1 is a leading German entertainment player with a strong e-commerce business. Every day, up to 45 million TV households in Germany, Austria and Switzerland enjoy ProSiebenSat.1’s free and pay TV channels. Overall, ProSiebenSat.1 generates 1 billion video views per month with its online offers.
The contract parties agreed not to disclose the details of the acquisition, which is subject to approval by the antitrust authorities.
A Milbank team led by Martin Erhardt and Michael Pujol advised ProSieben Travel GmbH on corporate, tax, finance and competition law in relation to the transaction.
Advisor ProSieben Travel GmbH: Milbank LLP
Martin Erhardt, Michael Pujol (joint lead, both Corporate/M&A, Munich), Mathias Eisen (Finance, Frankfurt), Thomas Kleinheisterkamp (Tax, Munich), Alexander Rinne, Katharina Kolb (both Competition Law, Munich), Nikolas Koutsós (Finance/Frankfurt), Florian Mader (Corporate/M&A, Munich), Dominik Waldvogel (Corporate/M&A, Munich).
Inhouse ProSiebenSat.1 Media SE
Holger Kämpgen (GesR/M&A), Stefan Mayer (Tax), Florian Kolb (Commercial Legal), Moritz von Merveldt (Antitrust), Rebecca Finster (Labor Law).
