Tag Archives: VFS Global

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 TravTalk 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 Rs 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 industry 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.”

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