TUI put its Hotelbeds unit, which sells hotels rooms to wholesale customers such as travel agencies and tour operators, up for sale because it did not fit with its other tour operating, cruise and hotel businesses. Hotelbeds is the largest business globally of its kind with a market share of six percent. Headquartered in Palma de Mallorca, it reported turnover of 1.06 billion euros and underlying EBITA of 69 million in the year to end September 2015. Cinven and CPPIB will back the existing management team and share governance of the business equally, said Shane Feeney, Head of Direct Private Equity at CPPIB, adding that he expected to use Hotelbeds as a platform for future purchases. Get the full story at Reuters