IGNORE Kuoni takes foothold in Russia
Kunoi has acquired a majority shareholding in a Russian tour operator for an undisclosed sum.
The Swiss company has taken an 80% stake in UTE Megapolus, described as a specilist provider of high quality leisure travel for a more affluent clientele.
The deal is subject to approval by Russian competition authorities.
Moscow-based UTE Megapolus, which employs 200 staff, generated a turnover of around £22 million last year. It has four sales offices in the Russian capital and one in Nizhny Novgorod.
The operate runs ski programme, summer beach holidays in Greece and Croatia and travel to India and China.
Kuoni aid the the Russian tour oeprating amkrtwe had seen growth of 10-15% over the past two years in a mrket which is “still fairly young and unconsolidated”.
A statement said: “In collaboration with Kuoni, UTE Megapolus is now excellently positioned to play a full and frueitful part in the market’s further rapid expansion.”
Kuoni CEO Armin Meier said: “The Russian leisure travel market has tremendous further potential especially in the field of providing high quality travel products for more affluent customers. So this acquisition fits exactly into our strategy of achieving further business growth, especially in specialist segments.”
by Phil Davies
Phil Davies
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