Kuoni purchases British rival

Swiss travel company Kuoni has agreed to acquire British-based Gullivers Travel Associates (GTA) for $720 million (£445 million).

Founded in London in 1975, GTA supplies services worldwide under different brands, maintaining online travel booking sites for tour operators, travel agents and other travel wholesalers.

Swiss-based Kuoni provides high-end leisure travel services and employs 9,000 people globally.

Peter Rothwell, CEO of the Kuoni Group, comments: ‘This acquisition will transform us into one of the leading global providers of online destination management services.

‘In line with our asset-light strategy, the combination of GTA and Kuoni will create a better balanced group.’

Financing of the deal has come from cash, bank debt and a discounted $270 million rights issue.