The Swiss Kuoni Group last night confirmed being in the final negotiations of an undisclosed takeover bid following the sale of its tour operating interests last year.
Swedish private equity firm EQT emerged as the preferred suitor among several potential bidders for the travel services business.
Kuoni, which offloaded its tour operations in Europe and Asia in 2015, was valued at 1.25 billion Swiss francs ($1.23 billion) yesterday as its shares rose by 6.7%.
A company statement said: “Kuoni Group's board of directors confirms that EQT has emerged as the preferred party from a competitive process regarding a potential takeover offer for the Kuoni Group and other strategic options.
“Final negotiations with EQT for a potential takeover offer for Kuoni Group are in progress.
“At this stage, no final decisions have been taken and there can be no certainty that an offer will be made, nor as to the terms on which any offer might be made.”
Further information will be provided “as and when appropriate,” Kuoni added.
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