Deals
Kuoni Sells European Tour Operating Business to Rewe Group
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Kuoni Reisen Holding AG, the Swiss travel services company, agreed to sell its entire European tour operating business to Rewe Group’s DER Touristik.
The sale to the German company will cause a one-time negative effect of about 180 million Swiss francs ($196 million) in its first-half results from discontinued operations, Zurich-based Kuoni said in a statement on Monday, without disclosing financial terms. The European tour unit includes Switzerland, the U.K., Scandinavia, Finland and Benelux. Kuoni plans to find a buyer for the remaining tour operating businesses in India, Hong Kong and China this year.