Bakers & Kirkland lead on Kuoni's $720m Gullivers Travel acquisition
Baker & McKenzie and Kirkland & Ellis have taken lead roles on Swiss travel group Kuoni's $720m (£445m) purchase of British rival Gullivers Travel Associates (GTA). Kuoni instructed Bakers on the deal, which is a part of the Swiss company's efforts to develop its online travel business. The firm fielded a team led by London corporate chief Tim Gee.
March 08, 2011 at 06:32 AM
2 minute read
Baker & McKenzie and Kirkland & Ellis have taken lead roles on Swiss travel group Kuoni's $720m (£445m) purchase of British rival Gullivers Travel Associates (GTA).
Kuoni instructed Bakers on the deal, which is a part of the Swiss company's efforts to develop its online travel business. The firm fielded a team led by London corporate chief Tim Gee.
Gee was appointed as Bakers' City corporate head last May, succeeding long-serving partner Michael Caro.
GTA, which belongs to private-equity owned Travelport, was advised by a team of London-based lawyers from Kirkland led by corporate partners Daniel Oates and Graham White.
The deal has been prompted by Travelport's aim to cut debt and transform itself from a traditional tour operator to an 'asset-light' middleman, focused on services and travel advice.
The financial advisers on the deal included Credit Suisse for Kuoni and UBS for Travelport.
In a press release, Kuoni said it would fund the deal with cash, bank debt and a discounted $270m (£167m) rights issue. The net cost will be $705m (£435m) as GTA has $15m (£9.3m) in cash.
Last year White also led a Kirkland team advising Candover on the first sale of its wind-down, when Doughty Hanson completed the purchase of Equity Trust for €350m (£291m).
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