More than a century after Alfred Kuoni organised his first escorted group tour to Egypt, the Swiss travel company that still bears his name faces a possible £700 million-plus takeover by private equity.
Kuoni, which is listed on the SIX Swiss Exchange, confirmed yesterday that it had “received preliminary approaches from third parties regarding a potential offer” and was evaluating them in the context of “all other strategic possibilities”.
Its statement was issued in response to mounting speculation that it could become a takeover target, with private equity firms including EQT, Partners Group, Carlyle, Permira and BC Partners tipped to bid. Kuoni said that talks were “at a preliminary stage”.
Terms of any potential deal have not been revealed, although the shares initially fell after