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Kuoni board backs Swedish takeover

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Kuoni Group board gives green light to Swedish bid
The board of Kuoni Group is backing a 1.39 billion Swiss franc (€1.25 billion) takeover proposal by Swedish private equity firm EQT.
A bid of 370 francs per category B share from EQT was enough to gain the approval of the Swiss company’s board of directors. The current management team led by Zubin Karkaria would remain in place.
Under pressure from increased competition by online hotel and holiday comparison websites, Kuoni has been selling off its tour operating businesses over the past three years, the Financial Times writes.
Chief executive Karkaria said: “We welcome EQT’s investment in the Kuoni Group, which underlines the attractiveness of our business activities. With the new owners we will be able to accelerate the implementation of our strategy. Investments in technology and supporting acquisition opportunities give the Kuoni Group an excellent platform to build further on its leadership positions in travel industry services.”
Kuoni Group has undergone a radical transformation over the past year, selling off its tour operating divisions in a bid to focus on its B2B businesses.
Last November, the then chief executive Peter Meier abruptly left the company and was replaced by Karkaria, who had previously been in charge of the visa services division.
TTG Digital / Financial Times

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