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Japan’s JTB acquires Kuoni Global Travel Services
The ongoing break-up of Swiss-based Kuoni’s travel brands continues after it agreed a deal to offload Kuoni Global Travel Services to Japanese travel group JTB Corporation.
"The partnership formed between Kuoni Global Travel Services and JTB Corporation will open prospects to become a global No 1 Destination Management Company," a statement said.
"The transaction will create opportunities to increase business in growing markets across the world through extension of local product offerings and expanding the complementary global MICE services," added Kuoni Global Travel Services CEO Reto Wilhelm.
Kuoni’s GTS businesses included in the transaction are Kuoni Destination Management Europe and Kuoni Destination Management US.
No financial details were disclosed and it is still subject to regulatory approval.
"Kuoni Global Travel Services is one of the world’s leading travel companies with an important presence especially in Asian leisure and corporate groups visiting Europe. The acquisition offers an excellent opportunity to be a unique operator by gathering the network and knowledge. It enables the provision of detailed services to meet each customer’s needs with high added-value and the expansion of the inbound business," said Eijiro Yamakita, president & CEO of JTB Europe.
Just weeks ago, Kuoni sold off the Kuoni Global Travel Services’ DMC network to Thomas Cook (India).
JTB itself has been busy on the acquisition trail recently, expanding to Indonesia with a strategic stake in Panorama Tours.
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