Kuoni Scandinavia is to acquire a 70% shareholding in Reisetorget AS, the Norwegian-based specialist in the sale of travel products via Internet channels…
Kuoni Scandinavia is to acquire a 70% shareholding in Reisetorget AS, the Norwegian-based specialist in the sale of travel products via Internet channels. The acquisition will enable Kuoni Scandinavia to strengthen its position in the online travel sales sector.
Reisetorget, which was founded in 1999, is one of the leading online providers of travel products and services in the Norwegian market. With a workforce of ten employees, the company generated an invoiced sales volume of CHF 15 million last year, and now intends to expand its activities to the Swedish and Danish markets in the course of 2005. Kuoni and Reisetorget agreed not to divulge the price of the sale transaction.
The new addition to its Scandinavian operations strengthens Kuoni`s position in the online travel sales sector. It also permits Kuoni Scandinavia to enter a new business segment, offering a wide range of products to the Norwegian market. The acquisition thus both underlines the Kuoni Group`s strategic focus on new distribution technologies and enables the Group to continue its expansion in the Scandinavian region.
Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.
