Strategic Meetings Summit London, 26 September,
September 29 2022, Kimpton Fitzroy London
Friday 30 September 2022, JW Marriott Grosvenor
Travel technology firm Travelport has sold its hotel and ground travel business Gullivers Travel Associates (GTA) to leisure travel company Kuoni, in a deal worth $720.
The proceeds from the sale will be used to pay back some of Travelport’s debt, which as at September 30 2010 had reached $2,761 million.
The sale, due to complete in May is part of Travelport’s strategy of concentrating on its core business, as a global distribution system (GDS) provider.
Jeff Clarke, Travelport’s CEO, said: “Our strategy is to focus our energies on maximising the potential of our core proposition and, while GTA is a leader in its field with a strong proposition, this is a positive opportunity for us to accelerate our plans.”
GTA, which operates in 130 countries, has been providing hotel accommodation and related ground travel services, plus sightseeing tours and group travel arrangements, for more than three decades.
Travelport will report its annual results for 2010 later this month, when it is expected to reveal a net revenue of $1,996 million, excluding GTA.