I don’t usually just pass on press releases, but this is big news. Bedbank giant GTA is being sold by Travelport to Kuoni. Here are the highlights of the press release, and for those who are interested, the full notification is attached below.
Kuoni has today unveiled plans to substantially expand its position in online destination management services by announcing an agreement to acquire Gullivers Travel Associates (GTA) for an enterprise value of USD 705 million (CHF 654 million(1)) from Travelport.
“In acquiring GTA, Kuoni is investing in one of the fastest-growing business segments within the tourism industry,” says Peter Rothwell, CEO of the Kuoni Group. “This acquisition, together with our own proven, growing and successful online destination management activities of Kuoni Connect, will transform us into one of the leading global providers of online destination management services”. Rothwell continues, “In line with our asset-light strategy, the combination of GTA and Kuoni will create a better balanced Group, providing additional strength in the growing area of business-to-business online services and enlarging Kuoni’s Destination Management leisure group business. GTA has a skilled and valuable workforce that will be invaluable as the business continues to develop.”
The full press release is attached here: Kuoni Press Release – GTA