JTB Corporation to acquire Kuoni Travel Group

Leading travel agency JTB Corporation is set to acquire Kuoni Global Travel Services. This was revealed in an official statement by Kuoni Group Travel Services. The transaction will create opportunities to increase business in the growing markets across the world through extension of local product offerings and expanding the complementary global MICE services. The statement said that the parties have agreed not to disclose further details regarding the purchase price or their contract. The acquisition is subject to approval by the relevant competition authorities and compliance with any other local legal requirements.
The parties are contemplating to complete the transaction once all such approvals have been obtained and all local requirements have been complied with. There will be no imminent changes to the current company structure, and the company entities will continue to operate their businesses independently during the transition period.
Reto Wilhelm, CEO, Kuoni Global Travel Services, informed, “JTB is one of the biggest and most respected market players in our industry. Joining JTB provides our company with the best positioned owner, which will help realize the full potential of Kuoni Global Travel Services. We will be able to further enhance our service and products for customers, while creating scale and efficiency.” Eijiro Yamakita, President and CEO of the European Regional Headquarters, JTB added, “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.”