According to a report carried Wednesday by Brazilian newspaper Valor Economico, Europe’s largest travel company TUI Travel, is in talks to acquire CVC Brasil. The Brazilian firm is currently the biggest player in the country’s travel sector.

Without revealing its source of information, Valor Economico indicated that TUI travel is in talks with CVC’s controllers, the private equity firm Carlyle Group and Brazilian entrepreneur Guilherme Paulus. The paper did not reveal the financial details of the possible transaction.

When reached for comment by Dow Jones Wires, a spokesperson for TUI Travel said the firm does not comment on speculation. According to the spokesperson, the firm continues to investigate opportunities in Brazil. Dow Jones Wires further indicated the spokesperson had said the information about any potential Brazil acquisitions will be revealed accordingly to the market.

In January 2010, Carlyle acquired a 63.6 per cent stake in CVC for an undisclosed amount. CVC is Brazil’s and Latin America’s largest travel agency with estimated annual revenue worth 3.2 billion Brazilian reais ($2 billion).

The Carlyle Group acquired CVC Brasil on 3rd Jan 2010. CVC is headquartered in Santo André (SP), Brazil and is the largest tour operator in Latin America. The transaction closed in late December 2009 and included the tour operator and the cruise ship businesses of CVC.

The other companies controlled by Mr. Paulus – the airline WebJet, the hotel management company GJP and the advertising agency GP7 – were not included.

TUI Travel PLC is the world’s leading leisure travel company operating in over 180 countries with more than 30 million customers in 27 key source markets.

TUI Travel has over 200 brands comprised of market-leading mainstream brands and specialist travel businesses. Operating in four sectors; Mainstream, Accommodation & Destinations, Specialist & Activity and Emerging Markets, TUI Travel is focused on providing customers with a wide choice of differentiated and flexible travel experiences to meet changing needs.

TUI Travel is headquartered in the UK and employs approximately 49,000 people. It is the only leisure travel company listed on the London Stock Exchange in the FTSE 100 and has the ticker code TT.

TUI Travel boasts the number one travel websites in UK and Germany by visitor numbers. The firm has built an impressive international presence in Russia and CIS, making the first such European firm for the region.