Switzerland's largest travel group, Kuoni, has decided to sell its 51 per cent stake in Austria's N-U-R Neckermann group to Thomas Cook. Kuoni, which is currently re-examining its strategy, says it intends to focus its European activities on high-standard, long-distance travel.
The sale, which was approved on Monday by Thomas Cook's board of directors, was made public on Tuesday. Before coming into effect, the sale must first be approved by Austrian and German anti-trust authorities.
In a statement released on Tuesday, Kuoni did not indicate what amount had been paid to Thomas Cook.
Both companies had been operating N-U-R Neckermann as a joint venture since 1990. Kuoni decided to sell its stake in order to focus on business and holiday travel.
The N-U-R Neckermann group has 113 employees. Its turnover last year approximated SFr300 million ($170 million).
swissinfo with agencies