Thomas Cook India Ltd has informed that the Company has received a letter from Thomas Cook UK Ltd, alongwith Press Release, in connection with Acquisition of controlling stake in Thomas Cook India Ltd.
Press Release issued by Thomas Cook UK Ltd as follows:
Thomas Cook Group plc (Thomas Cook) on March 07, 2008 announces that it is acquiring up to 74.9% of the issued share capital in Thomas Cook India Ltd (TCIL) and 100% of Thomas Cook branded businesses in Egypt, as well as licences for the Thomas Cook brand in a total of 15 Middle East countries. Thomas Cook is purchasing the businesses from Dubai Financial Group LLC (DFG) for total cash consideration of between €208m and €249m, subject to the outcome of the open offer process set out below.
Highlights:
This acquisition fully supports 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.
Thomas Cook is confident that under its ownership the TCIL business will grow significantly in a market that is already growing at 15% per annum. In acquiring the Thomas Cook branded business in Egypt and the rights to the Thomas Cook brand across 15 Middle East countries, Thomas Cook is substantially strengthening the Companys reach in this region. Thomas Cook now has control of the brand worldwide.
This transaction meets the Companys acquisition criteria in terms of it being earnings accretive and exceeding the cost of capital.
Manny Fontenta-Novoa, Group Chief Executive Thomas Cook Group plc said: I am delighted we have secured such a significant acquisition in this fast growing market. Thomas Cook has a long and enviable history in India dating back to the 1880s and the brand name has become one of the countrys best known.
Press Release issued by Thomas Cook UK Ltd as follows:
Thomas Cook Group plc (Thomas Cook) on March 07, 2008 announces that it is acquiring up to 74.9% of the issued share capital in Thomas Cook India Ltd (TCIL) and 100% of Thomas Cook branded businesses in Egypt, as well as licences for the Thomas Cook brand in a total of 15 Middle East countries. Thomas Cook is purchasing the businesses from Dubai Financial Group LLC (DFG) for total cash consideration of between €208m and €249m, subject to the outcome of the open offer process set out below.
Highlights:
This acquisition fully supports 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.
Thomas Cook is confident that under its ownership the TCIL business will grow significantly in a market that is already growing at 15% per annum. In acquiring the Thomas Cook branded business in Egypt and the rights to the Thomas Cook brand across 15 Middle East countries, Thomas Cook is substantially strengthening the Companys reach in this region. Thomas Cook now has control of the brand worldwide.
This transaction meets the Companys acquisition criteria in terms of it being earnings accretive and exceeding the cost of capital.
Manny Fontenta-Novoa, Group Chief Executive Thomas Cook Group plc said: I am delighted we have secured such a significant acquisition in this fast growing market. Thomas Cook has a long and enviable history in India dating back to the 1880s and the brand name has become one of the countrys best known.
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