Deal Announcement 12/19: Retail & Consumer

PwC acted as exclusive financial advisor to insolvency administrator Julia Kappel-Gnirs of hww hermann wienberg wilhelm on the sale of Bucher Reisen & Öger Tours GmbH, a renowned German tour operator, to the Turkish tour operator ANEX Tour

The Deal

The PwC M&A team is pleased to announce the successful sale of Bucher Reisen & Öger Tours GmbH (“BRÖT”) to ANEX Tour (“ANEX”).

As a consequence of the insolvency of the British parent company Thomas Cook plc, the German subsidiary of Thomas Cook also had to file for insolvency on 25 September 2019. Julia Kappel-Gnirs of hww hermann wienberg wilhelm was appointed as (preliminary) insolvency administrator of Thomas Cook in Germany. The (preliminary) insolvency administrator initiated a structured, international sale process. This sale process was led by PwC M&A.

The asset purchase agreement was signed and closed in December 2019.

Thomas Cook

Thomas Cook was the second largest German tour operator, mainly selling packaged tours under the brands Neckermann Reisen, Bucher, ÖGER TOURS, Thomas Cook Signature and Air Marin. Thomas Cook GmbH generated a revenue of about €2,670 Million in 2018, employing around 2,100 employees.

Bucher Reisen & ÖGER Tours GmbH

For almost 30 years, Bucher Reisen has been an expert in last minute travel and year-round low travel prices. In compiling its tours, Bucher draws on the capacities of various hotels and airlines in order to provide its customers with the "best deal to their destination". The tour operator scores with innovative, fast booking systems and a large variety of offers to over 200 near and far destinations around the globe.

Until November 2019, Bucher Reisen was a brand of Thomas Cook GmbH.

ÖGER Tours is one of the leading providers for Turkey holidays on the German travel market and specialist for Orient journeys. The ÖGER Tours brand stands for quality at fair prices, high destination competence and one of the most extensive Turkey programmes in German-speaking countries. As a specialist, ÖGER Tours also offers less well-known regions, unusual hotels, exciting round trips, city breaks or very target group-specific products beyond the classic bathing destinations. The Orient product portfolio covers the vacation countries Egypt, the United Arab Emirates, Tunisia and Morocco.

Until November 2019 ÖGER Tours was a brand of Thomas Cook GmbH.


ANEX has been a driving force in the tourism industry since its foundation in 1996. ANEX Tour offers a comprehensive portfolio combining transport, accommodation and various travel services, including excursions and other holiday products.

With its innovative vision, ANEX is a leader in international tourism. ANEX is represented in 48 countries and has its own offices in 18 countries. The company employs around 6,500 people and has served more than four million guests annually over the past 24 years.

hww hermann wienberg wilhelm

hww hermann wienberg wilhelm is a service provider specialised in legal advice, restructuring, insolvency and receivership. hww is represented in more than 20 cities in Germany and has its own international network. hww hermann wienberg wilhelm has been appointed by numerous insolvency courts throughout Germany in thousands of insolvency proceedings during its many years of activity.


The global PricewaterhouseCoopers network is a worldwide association of independent auditing and consulting companies which together employ more than 250,000 people in 158 countries. Our global network comprises nearly 1,550 M&A professionals all over the world, realising approx. 400 successful transactions per year. We specialise in a wide range of independent M&A services including advice on acquisitions and disposals, mergers, public takeovers, privatisations as well as structured financing.

The transaction was led by Timo Klees (Partner) as well as Dr. Alexander von Friesen (Partner). The M&A team also included Dr. Boris Hippel (Manager), Lukas Filippinetti (Senior Associate), Felix Lenk (Senior Associate), Hendrik Blumenstock (Senior Associate), Jonas Koch (Associate), Manuel Nowotny (Associate) and Florian Middelkamp (Associate).

Deal Announcement 12/19: Retail & Consumer

Contact us

Timo Klees

Timo Klees

Partner, Head of Corporate Finance | M&A Distressed & Special Situations, PwC Germany

Tel: +49 151 10060451

Dr. Alexander von Friesen

Dr. Alexander von Friesen

Partner, Corporate Finance | M&A Healthcare & Consumer, PwC Germany

Tel: +49 151 11714398

Follow us