The Service of the Commission for the Protection of Competition received on behalf of the companies Togebi Holdings Ltd, Oscrivia Ltd and TUI Travel Holdings Ltd, notification of a proposed concentration according to Article 13 of the Control of Concentrations between Enterprises Law (Number 22(I)/99), concerning the acquisition of 75% of the share capital of Valadar Trading Ltd by Togebi Holdings Ltd.

Togebi Holdings Ltd is a joint venture between S-Group Direct Investments Ltd and TUI Travel PLC and is active in the tourism and recreation sector in Russia and Ukraine. The shareholders of Togebi Holdings Ltd are Oscrivia Ltd (which is controlled by S-Group Direct Investments Ltd) and TUI Travel Holdings Ltd (which is controlled by TUI Travel PLC). S-Group Direct Investments Ltd is a private equity fund controlled by a Russian businessman. Oscrivia Ltd is a holding company which is a subsidiary of S-Group Direct Investments Ltd. TUI group of companies is active in the tourism sector and in the transportation of containers.

Valadar Trading Ltd is a company which is registered under the Cyprus law and is not active in any sectors except in the ownership of 100% of the share capital of LLC Svoy tour and travel and LLC BookingServices. These two companies are registered under the laws of Russia and are active in the travel sector with a final destination Russia.