KUONI is expected to take a controlling interest in Internet specialist Apollo Resor, Scandinavia’s third largest tour operator, two years ahead of schedule.
The development comes after Kuoni completed the acquisition of a 45% stake in the operator for an undisclosed sum (Travel Weekly December 13).
Kuoni has an option to acquire a further 30%, which would give it a controlling interest, from Apollo managing director Fotios Costoulas in July 2001.
Originally the plan was for the Swiss-based company to buy an additional stake in 2003.
Apollo, which is third in the Swedish market, operates in Sweden, Denmark and Norway and owns a charter airline called Novair.
Combined with Kuoni’s Danish subsidiary Alletiders, the operator will be number three in the Scandinavian market behind Airtours’ Scandinavian Leisure Group and Thomson’s Fritidsresor.
It specialises in holidays to Greece and is one of Europe’s most advanced companies on the Internet selling around 33% of its product on-line.
Apollo, which is based in Stockholm, employs around 600 staff and made a profit of around £3.5m last year.
The deal follows a pledge by Kuoni to develop European partnerships after the collapse of its planned merger with First Choice last year.