Kuoni buys Britain's Gullivers Travel for $720 mn

7th March 2011, Comments 0 comments

Swiss travel group Kuoni said on Monday that it has agreed to buy Britain's Gullivers Travel Associates for $720 million (516 million euros), a move which it said would boost its online business.

"Gullivers Travel Associates, in particular through its consumer website Octopus, will further strengthen Kuoni's existing online consumer activities," the Swiss group said in a statement.

The group said the acquisition was "a major step in achieving Kuoni's long-term strategic objective to be a broad-based, asset-light global travel service provider."

Guillivers Travel last year reported revenues of $294 million.

© 2011 AFP

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