Switzerland's largest financial group, UBS, has sold its event ticketing company, TicketCorner, to the Kudelski Group, based near Lausanne.This content was published on May 8, 2001 - 13:10
UBS said in a statement on Tuesday that all 150 staff of TicketCorner would maintain their jobs in the deal. No financial details of the transaction have been released.
It said that TicketCorner was not part of the bank's core business and the sale was in line with current strategy.
The takeover by Kudelski will provide TicketCorner with the entrepreneurial freedom it requires to sustain its development and to secure long-term continuity in the ticketing business of the future, the statement added.
TicketCorner was founded in 1999 out of the merger of Fastbox Ticketservice and the former Swiss Bank Corporation's TicketCorner. It sells about six million tickets a year for about 10,000 events.
The Kudelski Group produces access and system management tools for television and broadband Internet, smart card-based security systems and high-end hi-fi, as well as professional audio products.
It announced sales of SFr359.5 million $206.96 million) for the year 2000 and a net profit of SFr66.6 million.
swissinfo with agencies
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