The proposed buyout, anticipated to close in spring 2015, could reduce costs for both entities by as much as $77 million, according to the companies. "Our strength would come from the combination of a global tour operator business, six airlines as well as a unique portfolio of tourism products including hotels, clubs and cruise lines. All combined under the globally renowned TUI," Friedrich Joussen, CEO of TUI AG and chairman of TUI Travel said in a statement. "This also provides us with a competitive advantage for the ongoing digitalization of the tourism sector," he added. Get the full story at Travel Weekly and TUI AG