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Kuoni Travel The Kuoni Group is to acquire a 60% shareholding in Direkt Reisen AG, effective July 1. The remaining 40% of the company, which is domiciled near Zurich, Switzerland, will remain in the possession of the founding family and a further shareholder. Direkt Reisen AG is one of Switzerland's leading direct sellers of inclusive-tour products to the Mediterranean, the Caribbean and African and Asian destinations. The acquisition thus further strengthens Kuoni's position in the Swiss direct-sales travel market.
Founded in 1999, Direkt Reisen AG generated turnover of CHF 53 million last year with a workforce of some 25 employees. All the company's personnel will be kept on. The Direkt Reisen brand and further partner brands will also be retained. The parties agreed not to divulge the sale price involved. Direkt Reisen and its activities will be integrated into the Kuoni Switzerland unit of Strategic Business Division Smart within the Kuoni Group.
Direkt Reisen offers inclusive tours, largely in the beach-holiday segment, to the Mediterranean, the Caribbean and African and Asian destinations. The company's product range also extends to cruises, tours, rail travel and wellness vacations. Distribution is almost entirely via call centres, and its products are also available online.
"We expect to generate sizeable synergies between Direkt Reisen and our present Kuoni Switzerland brands, in terms of both existing customer relationships and increased procurement volumes," says Stefan Leser, Head of Strategic Business Division Smart and CEO of Kuoni Switzerland. "And we intend to exploit these to the full."
"Direkt Reisen is Switzerland's second-biggest direct-sales tour operator," adds Max E. Katz, Group CFO and spokesman for the Kuoni Group Executive Board. "So our new acquisition will substantially expand Kuoni's position in this growing business segment within the Swiss travel market."
For the full document please check the attached link.
For futher information:
LAURENCE BIENZ Head of Investor Relations Kuoni Travel Holding Ltd. Phone +41 (0)44 277 4529 laurence.bienz@kuoni.com
