Thomas Cook Group acquires controlling stake in Thomas Cook India, Middle East operations

Thomas CookThe UK-based Thomas Cook Group plc, Europe's second-biggest travel company, has acquired a controlling 74.9-per cent stake in its Indian arm, Thomas Cook India Ltd.

Under the terms of the TCIL transaction, Thomas Cook has agreed to acquire at least 61.8 per cent and up to 74.9 cent of TCIL's share capital through its UK subsidiary, Thomas Cook UK.

Thomas Cook Group said in a statement, "Thomas Cook Group plc on March 07, 2008 announces that it is acquiring up to 74.9 per cent of the issued share capital in Thomas Cook India Ltd…"

The statement added that the UK company was also acquiring a 100-per cent stake in the Thomas Cook branded businesses in Egypt, as well as licences for the Thomas Cook brand in 15 Middle East countries, and cancel the brand licensing and non-compete agreement in theses countries, where it had licensed the brand name to Dubai Financial Group.

Thomas Cook now has control of the brand worldwide.

Manny Fontenta-Novoa"The acquisition of Thomas Cook India allows Thomas Cook to capitalise on the anticipated strong growth and development of the Indian economy, which we expect to be mirrored by even stronger growth in travel," the statement quoted group chief executive Manny Fontenta-Novoa. "Thomas Cook has a long and enviable history in India dating back to the 1880's and the brand name has become one of the country's best known.