Deal Announcement 12/19: Retail & Consumer

PwC acted as exclusive financial advisor to insolvency administrators Fabio Algari, Ottmar Hermann and Julia Kappel-Gnirs of hww hermann wienberg wilhelm on the sale of the core brand ‘Neckermann Reisen’ to the Turkish tour operator ANEX Tour

The Deal

The PwC M&A team is pleased to announce the successful sale of the core brand ‘Neckermann Reisen’ and various domains 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. Fabio Algari, Ottmar Hermann and Julia Kappel-Gnirs of hww hermann wienberg wilhelm were appointed as (preliminary) insolvency administrators of Thomas Cook in Germany. The (preliminary) insolvency administrators 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.

Neckermann Reisen

‘Neckermann Reisen’ is one of the best-known tour operators in Germany. Founded in the 1960s by Johann Neckermann, the tour operator has always stood for quality at reasonable prices. Neckermann's range of products includes last-minute, package and early-booking trips all over the world.


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

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