Travelport has agreed to sell Gullivers Travel Associates to Swiss based travel giant Kuoni for US$720 million and will use the proceeds to pay down some of its massive US$2.7bn debt burden. GTA sells hotel rooms and travel services including sightseeing tours, attractions, transfers, group travel and rail passes. Its best-known brand is Octopus Travel. In 2010. GTA’s had a turnover of US$ 1.8bn, net revenue of US$294m and adjusted pre-tax earnings of US$84m. The sale is due to close in May 2011. Jeff Clarke, Chief Executive Officer and President of Travelport, says the company focus is now firmly on its core Global Distribution System business.
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