Kuoni has sold BTI Central Europe
Hitz & Partner Corporate Finance acted as Lead Advisor in the disposal of Kuoni’s business division Business Travel (BTI Central Europe) to Hogg Robinson plc. The deal was completed 30 January 2004.
Based on a strategic review in 2003, Kuoni decided to withdraw from its own business travel activities and to transfer its existing business Switzerland, Liechtenstein, Germany, Austria and Hungary which together employ a total of 1,600 staff to BTI Hogg Robinson. Hogg Robinson will thus own companies specialising in business travel under the BTI brand in 16 countries. BTI Central Europe has operated a strategic partnership with BTI since 1992. The unit’s turnover in 2002 was CHF 193 million.
The Corporate Finance team comprised Stephan Hitz, Lead Advisor and Engagement Partner, Ami Toren, Martin Frey, Baker & McKenzie and Markus Bucher, PwC Zürich.
Quote by Kuoni’s CEO:
“After we decided in the course of the year to concentrate more on our core business, i.e. holidays, selling BTI Central Europe to Hogg Robinson plc gives it an ideal opportunity to strengthen its position in the international business travel market in a sustainable way”.