Clayton Utz has worked alongside client TUI Travel PLC in providing legal advice and support regarding TUI's entry into a strategic venture with global tour operator Intrepid Travel, advised by Norton Rose.
Melbourne corporate partner Ron Smooker led the Clayton Utz team, with support from fellow partner Nick Miller and lawyers Simon Bowden, Lisa Billington, Rebecca Hiew, Bree O'Connell and Laura Burke.
The venture, which was announced on 17 February, 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 per cent 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.
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 venture, including 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.