Kuoni Group has sold its travel activities in India and its tour operator in Hong Kong to Thomas Cook (India) Ltd, a company active in the travel industry and listed on the national stock exchange of India in Mumbai. Thomas Cook India is majority-owned by Fairfax Financial Holdings Ltd, a company listed on the Toronto Stock Ex-change. In 2014, Kuoni's travel activities in India and its tour operator in Hong Kong generated a turnover of CHF 284 million. All of the existing approximately 1,800 employees in India and Hong Kong are being transferred to Thomas Cook India. The total consideration for the sale is CHF 79 million.

This transaction follows the sale of Kuoni's European tour operating business to the German REWE group which was announced on June 22, 2015.  In 2014, Kuoni Group's European tour operating business generated a turnover of around CHF 2 billion and comprised approximately 2,350 employees in Switzerland, the United Kingdom, Scandinavia | Finland and Benelux. The value of this transaction was not disclosed.

Subject to the necessary regulatory approvals, the aforementioned transactions are expected to be completed in the course of 2015. Upon the completion of these transactions, Kuoni Group will have successfully implemented the exit from its global tour operating business that was publicly announced on January 14, 2015.

Homburger advised Kuoni in these transactions as lead counsel. The Homburger team was led by Hansjürg Appenzeller (partner, Corporate | M&A and Financial Services) and Daniel Hasler (partner, Corporate | M&A) and comprised associates Stefan Blunschi and Karin Mattle as well as junior associate Raphaël Fellay (all Corporate | M&A), partner Gregor Bühler and associate Kaspar Ulmann (both IP | IT), Gerald Brei (partner, Competition | Regulatory) as well as partner Dieter Grünblatt and counsel Peter Müller (both Tax).