EQT is Kuoni’s new owner
After confirming talks with Swedish private equity group EQT and announcing the offer within a month, Kuoni will finally close the investment deal with its new owner this May.
Zubin Karkaria, CEO, Kuoni Group and CEO, VFS Global, has revealed to
that the change of ownership through Swedish private equity firm EQT will happen soon and expects the transaction to be completed in May 2016. Based on the offer made by EQT in February, Kuoni Group is
` valued at around 9,800 crore ( on present currency rates, based on 1.4 billion Swiss Francs).
The company’s Board feels that taking Kuoni private and handing over the responsibility for the Group to an internationally-renowned new owner would be ideal. Karkaria together with the current management team will continue to lead the company. Kuoni Group focuses on three core activities: Global Travel Distribution (GTD), Global Travel Services (GTS) and VFS Global.
He said in an email interview, “We expect the transaction to be completed in May 2016. We welcome EQT’s investment in the Kuoni Group, which underlines the attractiveness of our global 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 indus- try services. EQT has an impressive track record of growing companies. With access to their experience and network in both the travel and tech industries, we will be able to accelerate the implementation of Kuoni’s strategy.”
Karkaria has been with Kuoni for the past 25 years and as an executive board member of Kuoni Group for the past three years. Once this deal is completed in May, Kuoni Group will possibly undergo one of the most important transformations in its 110-year history.
Kuoni Group’s Board of Directors had confirmed in January this year that it had indeed received preliminary approaches from third parties regarding a potential offer for the Kuoni Group and its businesses. In February 2016, the Swedish private equity group EQT had announced its plans to launch public tender offer for Kuoni Group.