Thomas Cook India closes deal for Kuoni China
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Thomas Cook India Group has finalised its acquisition of Kuoni’s Hong Kong operations.
The Mumbai-based travel company has now formally concluded the acquisition of 100% of Kuoni Travel (China) Limited from the Kuoni Group. The purchase formed part of a CHF79 million (US$80.3m) deal that also included Kuoni’s Indian operations.
Kuoni, which is exiting from tour operating business, has already sold its European tour operator business to DER Touristik.
“We have completed the closure process for the acquisition of Kuoni Travel China Limited based in Hong Kong. The acquisition of Kuoni Hong Kong, ably led by Maria Ng, represents an important milestone for Thomas Cook India Group, as it facilitates our entry into Asia – including China, the fastest growing travel market in the world,” said Madhavan Menon, managing director of Thomas Cook India.
Ms Ng, managing director of Kuoni Hong Kong, commented; “We are delighted to join the Thomas Cook India and Fairfax Group and look forward to working with Madhavan and his team to leverage the significant complementary opportunities across Asia, that this partnership opens up.”
Following the completion of the deal, Thomas Cook India will take on all of Kuoni’s 1,800 full-time employees in India and Hong Kong, and will continue to run the businesses from their existing locations.
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