JTB Corp. (Headquarters at Shinagawa-ku, Tokyo, Japan, the President & CEO: Mr. Hiroyuki Takahashi) announced today that JTB has concluded an agreement to acquire all shares of Kuoni Travel Investments Ltd., (Kuoni Global Travel Services). With this acquisition, JTB aims to strengthen the inbound business from Asia to Europe.
In the past few years, under the slogan of “Departing Globally, Arriving Globally.”, JTB has been expanding the inbound travel business to Europe, a major destination for travelers. In addition to the Japan market, JTB has enhanced the outbound travel business from growing markets where a big volume of people flow is expected.
In the year of 2020, it is forecasted that the foreign visitors to Europe will reach approx. 620,000,000 (a 150,000,000 increase from 2010). This can be seen especially in China and Asian markets that are growing at a steady rate. In order to ensure the JTB Group’s sustainable growth of the inbound business, JTB announced the acquisition of Kuoni Global Travel Services to strengthen the services provided in the inbound business and increase the market share in Europe.
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, with high brand value from operating for more than 100 years. The acquisition offers an excellent opportunity to be a unique operator in Europe 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 the inbound business in Europe.
The acquisition of Kuoni Global Travel Services will offer new business perspectives and opportunity to become the No. 1 global DMC (*1). This will increase new opportunities in areas such as group business in growing markets across the world through the expansion of local product offerings. It will also support the expansion and strengthening of the Global MICE (*2) services in Europe and USA markets which is complimentary to the existing JTB MICE business.
The acquisition is subject to approval by the relevant competition authorities and to other local legal requirements being complied with.
Furthermore, Kuoni Global Travel Services will continue efforts to be a neutral land operator to work with many companies other than JTB, paying full attention on the protection of any sensitive information.
Kuoni Global Travel Services
Holding entity: Kuoni Travel Investments Ltd
Head Office Location: Zurich, Switzerland
Turnover: 589 million euros (Approx. 70.5 billion JPY, in 2016)
Number of Employees: Approximately 1,400 (2016)
(*1) DMC stands for Destination Management Company, professional services company possessing extensive local knowledge, expertise and resources, specializing in the design and implementation of events, activities, tours, transportations, etc. (*2) Abbreviation for MICE = Meetings Incentives Conferences Exhibition/Event