Tui and Thomas Cook press ahead with £120m Nats sell-off

Tui and Thomas Cook could share £120 million through the sale of their stakes in National Air Traffic Services (Nats).

The two travel groups are reported to have started the process of selling the 12% they own in the UK’s air traffic control service.

The travel companies are part of the seven-strong Airline Group consortium which includes British Airways, Virgin Atlantic and easyJet, owning 42% of Nats.

The government is the biggest shareholder with 49% while the 5,000 staff own 5% of the business.

Tui and Cook view their slice of the air traffic organisation as non-core and have instructed investment bank Rothschild, which advises the Airline Group, to find a buyer, the Sunday Timesreported.