ravel and tour operator Thomas Cook, has entered into an agreement to buy Kuoni Group’s travel & tour business in India and Hong Kong for R535 Cr ($84 Mn). Post deal, Thomas Cook will take on all of the approximately 1,800 employees of Kuoni’s business unit in India and Honk Kong tour operating and will continue to run the business activities as an independent company. Thomas Cook will pay R320 Cr for Kuoni-SOTC (Indian arm) through internal accruals and R215 Cr for Kuoni’s Hong Kong business through a mix of debt and equity. Founded in 1978, Thomas Cook is an integrated travel and travel related financial services company offering a range of services including foreign exchange, corporate travel, MICE, leisure travel,insurance, visa & product and e-business. Thomas Cook’s footprint currently extends to over 232 locations in 95 cities across India, Mauritius and Sri Lanka and is supported by a partner network of 115 Gold Circle Partners and 112 Preferred Sales Agents in over 130 cities across India. In May 2012, Fairfax bought the 77% stake in Thomas Cook India, through its wholly owned subsidiary, Fairbridge Capita
Source: dealcurry.comThomas Cook Acquires Kuoni’s Travel Business In India & Hong Kong
Industry: Travel & Tourism 2015-11-27