Newspaper article International New York Times

Swiss Travel Firm Agrees to $1.4 Billion Takeover Bid

Newspaper article International New York Times

Swiss Travel Firm Agrees to $1.4 Billion Takeover Bid

Article excerpt

The deal values the Kuoni Group at $1.36 billion and would take the company founded in 1906 private.

The Swedish private equity firm EQT Partners said on Tuesday that it had agreed to acquire the tourism company Kuoni Group in a deal that would take the Swiss firm private.

The terms of the transaction, which value Kuoni at 1.39 billion Swiss francs, or $1.36 billion, call for EQT to pay 370 francs a share for the Swiss firm, a 21 percent premium to the closing price on Monday.

Kuoni's board has recommended that shareholders accept the EQT offer.

Shares of Kuoni jumped 18.4 percent to 361.5 francs in late afternoon trading in Zurich on Tuesday.

The Kuoni and Hugentobler Foundation, a long-term Kuoni shareholder, is backing the transaction. "The board of trustees supports the takeover offer," Karl Hofstetter, the chairman of the foundation's board of trustees, said in a statement. …

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