Kuoni Travel Holding Ltd. is to sell its German-based Kuoni Reisen GmbH subsidiary to…
Kuoni Travel Holding Ltd. is to sell its German-based Kuoni Reisen GmbH subsidiary to Otto Freizeit und Touristik GmbH, subject to approval of the transaction by the relevant competition authorities.
Kuoni Reisen GmbH, which is domiciled in Friedrichshafen, Germany, is to be sold to German-based Otto Freizeit und Touristik GmbH (OFT), a member of the globally-active Otto Group. Kuoni Travel Holding Ltd. is convinced that OFT is ideally equipped to provide its former German subsidiary with the strategic investment required. OFT will take over all current Kuoni Reisen GmbH employees and all the company`s present sales outlets under the terms of the transaction.
Kuoni Reisen GmbH currently operates 32 travel offices which are located throughout Germany and trade under the Euro Lloyd and Kuoni brands, and generated invoiced turnover of some EUR 90 million last year. Otto Freizeit und Touristik GmbH and Kuoni Travel Holding Ltd. have agreed not to divulge the sale price involved. The transaction is also conditional on receiving the requisite approval from the relevant competition authorities.
Kuoni Germany`s Euro Lloyd travel offices were removed in 2003 from the BTI Euro Lloyd business travel unit (which was sold last year) and integrated into the existing Kuoni Reisen GmbH travel office chain. Since Kuoni is not active in the tour operating business in Germany, we have decided to dispose of our German travel offices, explained Reto Wilhelm, Executive Vice-President Continental Europe & Incoming at Kuoni Travel Holding Ltd. And we are delighted to entrust these operations to a company which, with `Reiseland`, operates one of Germany`s leading travel office chains.
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