Der Touristik buys Kuoni

Wednesday, 24 June 2015 00:00 - - {{hitsCtrl.values.hits}}

As speculated, Der Touristik, the travel division of Rewe Group, is acquiring all the tour operators, specialists and travel agencies run by Kuoni Group’s units in Switzerland, the UK, Scandinavia/Finland and Benelux.

The Kuoni Group announced this in a statement highlighting that the Kuoni, Apollo and specialist brands will remain in the market. Employees – some 2,350 – and offices are being taken over and business activities continue as usual.

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 complete in the 3Q2015.

In 2014, the European tour operating activities that have been acquired generated turnover of around two billion Swiss francs ($ 2.2 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,” said the Kuoni statement.

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.

Rewe and Hotelplan Switzerland were two concrete buyers Kuoni Group had for its European businesses.