Kuoni Travel Holding Ltd, owned by EQT VII, a fund of
the private equity group EQT, and the Kuoni and Hugentobler Foundation, has
entered into a binding agreement on the sale of its GTD business division (GTA)
to Hotelbeds Group, owned by a consortium led by Cinven und Canada Pension Plan
Investment Board (CPPIB). The shareholders of Kuoni Group will roll-over a
large portion of their participation in GTA into the combined Hotelbeds/GTA
business and upon completion, will hold a substantial minority stake in the
combined Hotelbeds/GTA business. Completion of the transaction is subject to
customary closing conditions, including merger control filings and approvals.

Bär & Karrer acts as lead legal advisor to EQT and
Kuoni Group. The team includes Till Spillmann, Markus Wang, Ivo von Büren,
Andrea Giger, Lars Müller, Pierina Janett and Aileen Kreyden (all M&A) as
well as Jonas Bornhauser (IP), Mani Reinert (Competition Law), Markus Schott
and Raphael Wyss (both Regulatory).

Kuoni Travel Holding Ltd, owned by EQT VII, a fund of
the private equity group EQT, and the Kuoni and Hugentobler Foundation, has
entered into a binding agreement on the sale of its GTD business division (GTA)
to Hotelbeds Group, owned by a consortium led by Cinven und Canada Pension Plan
Investment Board (CPPIB). The shareholders of Kuoni Group will roll-over a
large portion of their participation in GTA into the combined Hotelbeds/GTA
business and upon completion, will hold a substantial minority stake in the
combined Hotelbeds/GTA business. Completion of the transaction is subject to
customary closing conditions, including merger control filings and approvals.

Bär & Karrer acts as lead legal advisor to EQT and
Kuoni Group. The team includes Till Spillmann, Markus Wang, Ivo von Büren,
Andrea Giger, Lars Müller, Pierina Janett and Aileen Kreyden (all M&A) as
well as Jonas Bornhauser (IP), Mani Reinert (Competition Law), Markus Schott
and Raphael Wyss (both Regulatory).

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