by Lisa A. Grimaldi | May 30, 2017
Global meetings and travel firm Kuoni Global Travel Services has been purchased JTB Corp., the largest travel firm in Japan and one of the largest international travel and meetings companies. The announcement posted by Kuoni yesterday stated, "The partnership formed between Kuoni Global Travel Services and JTB Corp. will open prospects to become a global No. 1 destination management company. The transaction will create opportunities to increase business in growing markets across the world through the extension of local product offerings and expansion of the complementary global MICE services."
No further details regarding the purchase price or a contract have been released; the acquisition is subject to approval by relevant authorities and must meet local legal requirements. The release about the acquisition stated there would be no imminent changes to the current company structure and the two entities would continue to operate their businesses independently during the transition period.
Reto Wilhelm, CEO of Kuoni Global Travel Services, said of the move, "JTB is one of the biggest and most respected market players in our industry. Joining JTB provides our company with the best-positioned owner, which will help us realize the full potential of Kuoni Global Travel Services. We will be able to further enhance our service and products for customers while creating scale and efficiency."
"Kuoni Global Travel Services is one of the world's leading travel companies with an important presence, especially in Asian leisure and corporate groups visiting Europe," said Eijiro Yamakita, president & CEO of the European regional headquarters of JTB. "The acquisition offers an excellent opportunity to be a unique operator by gathering the network and knowledge. It enables the provision of detailed services to meet each customer's needs with high added value and the expansion of inbound business."