Kuoni Travel acquires tour operator UTE Megapolus

Kuoni Travel Holding Ltd. has acquired a majority shareholding in Russia-based tour operator UTE Megapolus.

UTE Megapolus, which has its head office in Moscow, generated total turnover of CHF 51 million last year with a workforce of around 200 personnel.

As per the transaction, Kuoni has acquired 80 percent of the share capital, while the remaining 20 percent remains in the ownership of the company’s founding shareholders. Eduard Kuznetsov, the company CEO and former majority shareholder, will remain in overall executive charge.

The transaction is subject to the approval of the Russian competition authorities, which are expected to consider the takeover in the next few weeks.

“The Russian leisure travel market has tremendous further potential,” says Kuoni Group CEO Armin Meier, “especially in the field of providing high-quality travel products for more affluent customers. So this acquisition fits exactly into our strategy of achieving further business growth, especially in specialist segments.”

Eduard Kuznetsov, the company’s founder and former majority shareholder, will remain as CEO. He will report to Fons Brusselmans, Head of Business Unit “Spirit”, within the Kuoni organisation. All the present UTE Megapolus employees will continue to work for the company. The parties agreed not to divulge the purchase price involved.

Operating under the “UTE Megapolus” brand, the company is a provider of ski vacation products for the Alpine region. Further key elements in its product portfolio include beach holidays in Greece and Croatia, along with India and China travel programmes. The company maintains four sales offices in Moscow and a further sales outlet in Nizhny Novgorod.