Thomas Cook (India) Ltd. (TCIL) is the leading integrated travel and travel related financial services company in the country offering a broad spectrum of services that include Foreign Exchange, Corporate Travel, MICE, Leisure Travel, Insurance, Visa & Passport services and E-Business. Thomas Cook is promoted by Fairfax Financial Holdings Limited through its wholly-owned subsidiary, Fairbridge Capital (Mauritius) Limited and its controlled affiliates which holds 67.61%.

Quess Corp Limited (Quess), established in 2007, is India’s leading integrated business services provider and is engaged in providing services in the fields of Industrial Asset Management, Integrated Facility Management, Human Resource Services, Global Technology Solutions and Internet Business. Based out of Bengaluru, Quess today has a presence in North America, the Middle East and South-East Asia.

Travel Corporation (India) Limited (TCI) is engaged in the business of handling inward foreign tourist activity in India including independent and conducted tours, safaris, expenditure, conferences and meeting etc. TCI is a wholly owned company of Thomas Cook.

TC Travel and Services Limited (TCTSL) is engaged in the business of travel and ticketing business and offers wide range of services including airline ticketing, booking hotel accommodation, visa and passport facilitation, travel insurance etc. TCTSL is a wholly owned subsidiary of Thomas Cook. TCTSL was acquired from Tata Capital Limited.

TC Forex Services Limited (TCF) is engaged in the business of travel-related foreign exchange products. TCF is a wholly owned subsidiary of Thomas Cook. TCF was acquired from Tata Capital Forex Limited last year.

SOTC Travel Management Private Limited (SOTC) is engaged in the business of travel agents and tour operator and booking and reserving accommodation. SOTC is a wholly owned subsidiary of Thomas Cook.

Fairfax Financial Holdings Limited (Fairfax) is a holding company which, through its subsidiaries, is engaged in property and casualty insurance and reinsurance and investment management. The company was founded in 1985 by the present Chairman and Chief Executive Officer, Prem Watsa. The company has been under the present management since 1985 and is headquartered in Toronto, Canada.

Recent Transactions

The last few years have seen Thomas Cook Group made many travel & non-travel related acquisitions from Quess to Sterling, SOTC, Kuoni Hong Kong, Kuoni’s multiple DMS entities across 21 countries and Tata Capital’s erstwhile Travel & Forex businesses – now renamed as TC Travel & TC Forex. Quess, meanwhile, also made several acquisitions both in India and abroad in line with its own areas of operation.

Quess went public during FY 2016-17, raising Rs 400 crore through a fully primary equity issuance. Immediately after listing of Quess, Thomas Cook was holding 62.58% stake in Quess. Last year, Thomas Cook has sold 5.42% equity stake in Quess through Offer for Sale for net consideration of Rs 628 crore. Thomas Cook realised a profit of Rs 535 crore on the same. During H1 FY18, Quess has done Institutional Placement at Rs 800 per share and raised a total capital of Rs 873 crore. Effectively, Thomas Cook took out all the money it invested in Quess with significant return while still holding 49% stake in it.

The Transaction

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