Kuoni Travel Holding has bought upmarket Russian-based tour operator UTE Megapolus in line with its strategic growth plans.
Kuoni has acquired an 80% shareholding in UTE Megapolus, which specialises in European ski holidays and luxury beach holidays in Greece and Croatia. It also offers holidays in India and China.
The remaining 20% is owned by the company’s founding shareholders. Company chief executive Eduard Kuznetsov remains in charge of the company, which has 200 staff and is based in Moscow. Turnover last year was £21 million.
The Russian market has seen growth of around 10%-15% over the past few years.
Kuoni group chief executive Armin Meier said: “The Russian leisure market has tremendous further potential especially in the field of providing high-quality travel products for more affluent customers. This acquisition fits into our strategy of achieving further business growth, especially in specialist segments.”
The takeover agreement was signed on June 29, with the transaction subject to approval by the Russian competition authorities. They are expected to consider the deal in the next few weeks.
The news follows its recent acquuisition of villa and ski chalet specialist CV Travel. Last year the Swiss-based group bought Journeys of Distinction and Kirker Holidays.
The news also follows the decision by Kuoni UK managing director Sue Biggs to step down on the eve of a major company restructure.