The Kuoni Group is to take over all the business activities of CIT-Frantour SA. Kuoni is pleased to add the activities of this reputed rail travel specialist to its business portfolio. Frantour generated total turnover of some CHF 63 million last year, and employs around 100 personnel in its Geneva and Zurich operations. These employees will now transfer to the Kuoni Group with retroactive effect from April 30, 2005.
The parties agreed not to divulge the purchase price involved in the transaction.
The reputed Frantour brand will be retained under the new Kuoni management.
As it announced on May 4, CIT-Frantour SA has been obliged to file for administration and protection from creditors under Swiss law ("Nachlassstundung") in view of liquidity problems at its sole shareholder, CIT Spa. In this connection, the Geneva commercial court of the tribunal of first instance ruled on May 31, 2005 to approve the acquisition by Kuoni of CIT-Frantour SA's business operations. This means that all obligations incurred by CIT-Frantour SA (in administration) prior to April 30, 2005 remain in the company and are not passed on to Kuoni.
The Corporate Finance Team comprised of Stephan Hitz, lead advisor and engagement partner, Max E. Katz and Martin Simeon, Kuoni Reisen Holding AG, Christoph Schmid, partner and Rudolf Ottomann and Roman Heiz, attorneys at law, Wenger & Vieli, attorneys at law.
Quote by Armin Meier, CEO Kuoni-Group:
“Kuoni has demonstrated for many years now that separate companies and brands can operate successfully side by side. With this in mind, we are delighted to have obtained approval for this acquisition, and we look forward to setting out with Frantour towards new business horizons“.
Quote by Guy Schönenberger, Managing Director CIT-Frantour SA:
“The integration envisaged into the Kuoni Group offers excellent prospects for our employees. And we are delighted to be able to join Switzerland's market leader in its further development and growth“.