The brands include the likes of Hayes & Jarvis, Citalia and Jetsave.

The collection of more than 50 brands will be sold in one transaction, with the exception of Crystal Ski and Thomson Lakes & Mountains, which will be transferred to the UK and Ireland business.

Both these businesses utilise Tui’s UK aircraft fleet during the quieter winter months and according to Tui “create synergy potential that other specialists do not have”.

Since the merger of Tui Travel and Tui AG, the Specialist Group has been managed separately by a team led by Will Waggott.

Chief executive Fritz Joussen said: “The Specialist Group is a great collection of more than 50 brands and successful companies.

“However, there is little vertical integration with the core tourism businesses. In addition, the potential impact on profitability and the large amount of brands are strong strategic arguments not to combine the portfolio under the Tui brand.

“Therefore, we believe that a disposal of Specialist Group in one transaction is the best way to maximise value from these businesses for Tui’s shareholders. It will also enable us to quickly focus on the strategic imperatives outlined and strengthen Tui and its international competitiveness.”

Tui’s decision to dispose of the businesses follows the recent announcement of the planned sale of Hotelbeds for €1.2 billion.