Baker & McKenzie Advises Kuoni Reisen Holding AG on Disposal of its Business Travel Division
Baker & McKenzie announced today that it advised Kuoni Reisen Holding AG on the disposal of its business travel division, BTI Central Europe, to Hogg Robinson plc for an undisclosed sum. The deal completed on 30 January 2004.
The Kuoni Group announced that it had signed an agreement to sell BTI Central Europe to Hogg Robinson on 4 December 2003, as part of its strategy to focus on its core business of leisure travel. With gross sales of CH 1,7 billion in 2002, BTI Central Europe employs 1,600 staff and consists of operations in Switzerland, Liechtenstein, Germany, Austria and Hungary. Under the terms of the agreement, Hogg Robinson has also acquired the subsidiaries and holdings of the division’s companies, the BTI Event Solutions unit and Kuoni’s 8% stake in Business Travel International.
Zurich partner Martin Frey led the Baker & McKenzie team which advised Kuoni, supported by associates Philippe Reich, Nicolas Passadelis and Suzanne Merz. Christoph Kerres (partner) and Alexander Früehmann (associate) from the Vienna office and Ines Radmilovic (partner) from Budapest advised on Austrian and Hungarian aspects of the deal.