The Thomas Cook Group’s new acquisition in India and the Middle East is part of its strategy to expand in emerging markets.
Thomas Cook is repurchasing the businesses from Dubai Financial Group for a total cash consideration of between euro 208m and 249m.
Chief executive Manny Fontenla-Novoa said: “We now own the Thomas Cook brand worldwide.
“Adding what is one of India’s largest travel and financial services businesses to our portfolio will allow us to take full advantage of the growth prospects that this market offers and fully supports our strategy of entering the fast developing emerging markets and expanding our financial services business.”
The deal gives Thomas Cook the largest foreign exchange operator in India with 51% of the market and 180 outlets across 40 cities. Fontenla-Novoa said the company would be looking to grow this chain of 180 outlets in India.
Under the deal Thomas Cook is acquiring up to 74.9% of the issued share capital of Thomas Cook India Limited 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.