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Kuoni announces British acquisition

Swiss travel group Kuoni will boost its online offer with the acquisition of British internet services company Gullivers Travel Associates.

Kuoni said on Monday it will pay $720 million (SFr660 million) for GTA which would be financed through a new credit facility worth SFr600 million.

It will also look to raise an additional SFr250 million via a discounted share offer from the privately-owned US-based Travelport.

“In acquiring GTA, Kuoni is investing in one of the fastest-growing business segments within the tourism industry,” Kuoni chief executive Peter Rothwell said in a statement.

GTA recorded turnover of $1.189 billion in 2010 and saw net profits rise ten per cent to $294 million for the year.

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SWI - a branch of Swiss Broadcasting Corporation SRG SSR

SWI - a branch of Swiss Broadcasting Corporation SRG SSR