Swiss travel group Kuoni will boost its online offer with the acquisition of British internet services company Gullivers Travel Associates.This content was published on March 7, 2011 - 09:39
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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