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Zurich, Switzerland, Dec 17, 2007 - (Hugin via ABN Newswire) - Kuoni is entering the German market by acquiring a 100% stake in Conference & Touring GmbH, based in Berlin, with effect from the beginning of 2008. Conference & Touring GmbH is one of Germany's leading destination management agencies. Its head office is in Berlin and it has branches in Munich, Hamburg, Frankfurt and Cologne. The takeover agreement was signed the last Friday and the transaction is expected to be completed in time for January 2008. This acquisition underlines Kuoni Group's expansion strategy in destination management, and especially in the meetings, incentives, conferences and events business, as well as in the organization of onshore trips for cruise companies. With effect from the beginning of 2008, Kuoni Destination Management is acquiring a 100% stake in Conference & Touring GmbH, one of the leading destination management agencies in Germany, from previous owners Peter Antoni and Robert Noack. The takeover agreement was signed the last Friday and the transaction is expected to be completed in time for January 2008. Conference & Touring GmbH was founded in 1989. Its head office is in Berlin and it has further offices in Munich, Hamburg, Frankfurt and Cologne. It employs 54 staff and expects to post sales of CHF 24 million (EUR 14.4 million) for 2007. The parties have agreed not to disclose any information about the purchase price.
The agency organizes meetings - which includes searching for event venues, putting together suitable programs of incidental events, coordinating all the necessary logistics - as well as arranging high-end incentive programmes, conferences, congresses and events of all types. Another important part of its business is organizing and providing onshore services for cruise and river cruise companies. Most of its business comes from the USA, Italy, the UK, Spain, France and Scandinavia.
Peter Antoni remains as managing director, and all staff are being kept on. In organizational terms the company is being integrated into the Sales Europe & USA sector of the Destinations division. It will report to sector head Miroslav Bauer. Rolf Schafroth, CEO Destination Management, expressed his pleasure at the acquisition: "With this acquisition, which fits our strategy perfectly, our network of destination agencies becomes even more tightly knit. It also addresses the growing demand for meeting, incentive, conference, event and congress services in Germany, which is Europe's most important events location."
______________________________ For further information:
Laurence Bienz Head of Investor Relations Kuoni Reisen Holding AG Neue Hard 7 CH-8010 Zurich Telefon +41 44 277 45 29 Fax +41 44 277 40 31 Email laurence.bienz@kuoni.com
