Mumbai, Mar 7 (UNI) The Thomas Cook Group today announced acquisition of 74.9 per cent of the equity of its Indian subsidiary, Thomas Cook India, besides 100 per cent Thomas Cook branded business in Egypt and licenses for the Thomas Cook brand in 15 Middle East countries for a total cash consideration between 208 and 249 million Euro.
The Company in a release here said that the acquisition fully supported the Thomas Cook strategy to expand into emerging markets that represent a great growth potential as well as to strengthen its financial services business.
Through acquiring a controlling stake in TCIL, the largest foreign exchange and second largest travel company in India, Thomas Cook will become a leader in one of the fastest growing travel markets, the Company said, expressing confidence that under its ownership the TCIL business will grow significantly in a market that is already growing at 15 per cent annually.
Under the terms of the TCIL transaction, Thomas Cook has agreed through its UK subsidiary to acquire at least 61.8 per cent and up to 74.9 per cent of TCIL's share capital. In a private transaction with DFG, Thomas Cook will acquire 54.9 per cent of this for the equivalent of Rs 107 per cent TCIL share. Under local stock market rules, Thomas Cook is tendering to acquire up to a further 20 per cent of TCIL shares in an open offer at the same price per share.
As a result of this transaction, Thomas Cook will acquire between 61.8 per cent and 74.9 per cent of TCIL's share capital, the price of which will range from 173 to 214 million Euro giving Thomas Cook control of the Company.
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