The Thomas Cook Group has agreed to acquire French tour operator Jet Tours from Club Med in a €70 million deal.
The deal would be funded through Thomas Cook’s current cash reserves and is subject to the appropriate works council consultation and regulatory approval.
The move would make Thomas Cook France the third largest French tour operator with a market share of 10%.
It is also hoped the acquisition of Jet Tours, which turned over a revenue of €313.7 million from around 270,000 passengers for the year ending October 31, will lead to Thomas Cook and Club Med working more closely together in the French market.
The Thomas Cook Group has also announced the acquisition of Canadian travel wholesaler TriWest Travel Holdings in a deal worth up to $112 million subject to regulatory approval.
TriWest Travel Holdings runs two principal brands, independent travel wholesaler Fun Sun and airline consolidator Intair.
Thomas Cook Group chief executive Manny Fontenla-Novoa said: “Both of these acquisitions are fully in line with our strategy of becoming a leading independent travel provider and capturing growth and value in this mainstream business, as well as driving further consolidation across the sector.”
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