A bid of £253 (370 Swiss francs) per category B share from EQT was enough to gain the approval of the Swiss company’s board of directors.

If the bid is successful the firm will be taken private. The current management team led by Zubin Karkaria will remain in place.

Heinz Karrer, chairman of Kuoni Group’s board, said: “Over the last months the board has very carefully analysed all strategic options in order to secure the successful implementation of Kuoni Group’s strategy.

"As a result of this detailed and comprehensive analysis and a competitive process, the board concluded unanimously that taking Kuoni private and handing over the responsibility for the group to an internationally renowned new owner with comprehensive experience in managing and further developing industry leaders, with the necessary financial strengths and with a long term perspective would be the ideal solution to the benefit of all stakeholders. EQT fulfils all these requirements in the best possible way.”

Kuoni Group has undergone a radical transformation over the past year. It sold off its tour operating divisions, including its UK operations, in a bid to focus on its B2B businesses.

Last November the then chief executive Peter Meier abruptly left the company and was replaced by Karkaria, who had previously been in charge of the visa services division.