GTA sold for $720 million, a week after Lime Travel falls under Kuoni’s wing
Kuoni, which announced a week ago that it had bought the Swedish luxury tour operator Lime Travel AB, has now snapped up Travelport’s destination management company GTA for $720 million. Travelport, which owns the GDS brands Galileo and Worldspan, explains that the sale is part of a strategy to focus on its core business. The money raised through the deal will be used to pay off some of Travelport’s debt.
GTA has an inventory of more than 35,000 hotel properties in more than 130 countries and scored a pre-tax profit of $84 million in 2010, on net revenues of $294 million. Travelport, on the other hand, suffered an overall net debt of $2,761 million.
“Kuoni is a well known and long-term customer of Travelport and our aim will be to work in partnership with them to improve further the distribution and sale of the combined Kuoni/GTA inventory across the Travelport subscriber network,” Travelport CEO Jeff Clarke commented.