Kuoni Group has signed an agreement with Canadian firm Fairfax Financial Holdings Ltd to sell its Indian travel activities and the tour operator Kuoni Hong Kong.
The sale completes the group’s exit from the tour operating business more quickly than originally planned.
The Indian travel activities encompass outbound tour operating, business travel, travel agencies and inbound business.
The arm of the business is being sold for CHF 79 million, subject to approval from the relevant authorities.
Fairfax/Thomas Cook India are taking on all of the approximately 1’800 employees (FTE) at the existing locations in India and Hong Kong and will continue to run the business activities.