Kuoni purchases British rival

Swiss travel company Kuoni has agreed to acquire British-based Gullivers Travel Associates (GTA) for $720 million (£445 million).

Founded in London in 1975, GTA supplies services worldwide under different brands, maintaining online travel booking sites for tour operators, travel agents and other travel wholesalers.

Swiss-based Kuoni provides high-end leisure travel services and employs 9,000 people globally.

Peter Rothwell, CEO of the Kuoni Group, comments: ‘This acquisition will transform us into one of the leading global providers of online destination management services.

‘In line with our asset-light strategy, the combination of GTA and Kuoni will create a better balanced group.’

Financing of the deal has come from cash, bank debt and a discounted $270 million rights issue.

Todd Cardy

Todd Cardy

Todd was Editor of GrowthBusiness.co.uk between 2010 and 2011 as well as being responsible for publishing our digital and printed magazines focusing on private equity and venture capital. Connect with...

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