Kuoni Group has signed an agreement with DER Touristik for it to acquire all the tour operators, specialists, travel agencies and online sales in the Switzerland, UK, Scandinavia/Finland and Benelux markets, as well as the airline Novair and the Playitas family and sports resort on Fuerteventura. The two parties have agreed not to disclose the purchase price or contract details. The acquisition is subject to the approval by the relevant competition authorities in the EU and Switzerland. The transaction is expected to be completed in the third quarter of 2015.
“The successful sale of our European tour operating activities marks a significant milestone in the development of the Kuoni Group. European tour operating has been closely associated with the Kuoni name for more than 100 years. Our tour operating businesses and all their brands are now being taken over by the REWE Group and its experienced DER Touristik travel division, which will integrate them into its growth strategy. I am pleased that with this sale we have found an ideal, forward-looking, long-term solution for our customers and employees,” said Peter Meier, CEO of the Kuoni Group.
Heinz Karrer, Chairman of the Board of Directors of the Kuoni Group said: “With the sale of the entire European tour operating business we can complete the new strategic direction of the Kuoni Group more quickly than planned.”
REWE Group is acquiring all of the approximately 2 350 (FTE) employees at the existing locations and will continue to run the business activities, including all the travel agencies, as part of its DER Touristik travel division. In 2014 the European tour operating activities that have been acquired generated turnover of around CHF 2.0 billion. With this acquisition DER Touristik is positioning itself as a leading pan-European travel company. DER Touristik sees the acquisition as an ideal addition to its sales operation, giving it new competitive advantages in the beach holiday business as well as in international purchasing of flight, hotel and other customer services. DER Tourstik is part of the REWE Group, one of the leading retail and travel groups in Germany and Europe.
The tour operating activities will continue to trade under their existing brands. REWE Group is acquiring the right to use the Kuoni brand in Switzerland and the UK, while Kuoni Group remains the owner of the Kuoni brand. REWE Group is taking full ownership of the Apollo brand in Scandinavia/Finland and of all the specialist brands.
Kuoni intends to complete its search for a buyer for the remaining tour operating activities in India and Hong Kong/China during the course of 2015.
