THOMAS Cook India has signed an agreement to acquire Kuoni Group's travel businesses in India and Hong Kong for an estimated US$84.2 million, as party of its strategy to beef up its global travel portfolio.
Thomas Cook India will run Kuoni's businesses in India and Hong Kong independently and take on the 1,800 employees in both locations.
With the acquisition, travel brands like SOTC and SITA will come under the umbrella of Thomas Cook, which has just acquired Sri Lanka-based DMC Luxe Asia.
Prem Watsa, chairman and CEO of Fairfax Financial Holdings, the controlling shareholder 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 country’s market potential, as also our strategic intent to explore viable geographies, including the larger Asia opportunity,” he added.
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. I’m very pleased that we found forward-looking solutions for the units in India and Hong Kong.”
Kuoni has announced earlier this year that it was seeking buyers for its outbound units.