Thomas Cook (India), one of India’s premier integrated travel and travel related financial services company has signed a definitive agreement with Kuoni Group to acquire Kuoni’s Travel businesses across India and Hong Kong in entirety for a consideration of INR535 crore. The transaction remains subject to regulatory approvals as required.
Commenting on the acquisition, Prem Watsa, chairman and CEO of Fairfax Financial Holdings, the controlling share holder of Thomas Cook (India) said, “Our acquisition of Kuoni’s tour operating and retailing businesses in India and Hong Kong as well as the Indian inbound business reaffirms our belief in the India market potential, as also our strategic intent to explore viable geographies, including the larger Asia opportunity.”
Peter Meier, CEO, Kuoni Group said “With the sale of the tour operating activities in India and Hong Kong, we have completed the sale of the outbound business as announced in January. I’m pleased that we found forward-looking solutions for the units in India and Hong Kong.”
Rajeev Wagle, managing director, Kuoni India added, “This is the natural coming together of two trusted travel brands with a long history both outside and within India. So while we will continue to operate as two separate companies and brands – a partnership like this – where each partner brings complementary strengths and capabilities to the table, has the potential to create a far more capable, more innovative, more efficient and most importantly – an organisation that can add more value to travellers in the markets we serve.”
Dipak Deva, CEO- destination management, India & South Asia, Kuoni Destination Management said “I am excited about the journey that we are embarking upon today and the long term growth opportunity that this new partnership with Thomas Cook India brings with it. I expect that the significant strength, reach, efficiency, expertise and passion of our respective brands, networks and people will help us deliver a superior experience for our customers.”
As part of the acquisition, Thomas Cook (India) will take on all of the approximately 1,800 employees of Kuoni’s business unit in India and Hong Kong tour operating, and will continue to run the business activities as an independent company.