CCI gives nod to Thomas Cook to acquire Kuoni

16 Dec 2015 | By Vaneet Randhawa
Thomas cook's almost death and sudden surge

The Competition Commission of India (CCI) gave its nod to India's leading travel service provider for its acquisition of Kuoni Travel India.

Thomas Cook's shares made a 2% jump to Rs. 204 on BSE after the announcement.

Thomas Cook's Managing Director Madhavan Menon welcomed this decision and said, "With the approval of CCI, we aim at swift disclosure of the acquisition of Kuoni Travel."

In context: Thomas cook's almost death and sudden surge

19 Jun 2007Thomas Cook born out of a merger

Thomas Cook Group was formed by the merger of Thomas Cook AG and My Travel Group plc on 19 June 2007.

At the time of the merger, 52% of the shares were held by Arcandor and 48% with MyTravel Group.

The group owned airline charters and tour operators in England, Belgium and Scandinavia.

It also owned the booking website Hotels4u and scheduled airline Condor.

22 Nov 2011When Thomas Cook almost died

On 22 November 2011, Thomas Cook reached its near collapse with its shares falling by as much as 70pc.

This happened after the European tour operator declared that it needed more capital from its banks.

Cook's downward spiral began with CEO Fontenla's resignation.

In the beginning of 2011, its shares plunged a total of 93pc reducing its worth to a tawdry £120 million.

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Thomas Cook becomes profitable again, but at a price!

1 Aug 2013Thomas Cook becomes profitable again, but at a price!

In the summer of 2013, Thomas Cook sold 85% of its holiday packages, compared with 76% from the previous year.

Its bookings at exclusive hotels also saw a huge growth spurt going up by 38%.

However, this profitability came with a price; the company had to fire 2,500 employees in 2013 i.e. 15% of its workforce.

The company also closed almost 200 travel agencies.

6 Mar 2015Fosun buys a 5% stake in Cook

Fosun International, the Chinese conglomerate bought a 5% stake in the British Thomas Cook travel group.

This further deepened Fosun's foray into Europe's tourism sector after buying Club Med, the French holiday operator.

Fosun paid £91.9 million ($140.12 million) for this deal to follow through.

Fosun further hoped to double its holding in Thomas Cook to 10% in the upcoming months.

30 Jul 2015Thomas Cook takes over Luxe Asia

Thomas Cook India acquired Luxe Asia, a Sri Lanka based destination management firm for an undisclosed sum.

The buyout was done through Thomas Cook Lanka Pvt Ltd., its wholly-owned subsidiary.

Luxe Asia will function as an independent entity post the acquisition, confirmed Thomas Cook India.

Cook said that with this deal it hoped to establish its global destination management process.

Thomas Cook's raging success

Thomas Cook's success can be guaged from the fact that it reported a standalone revenue of Rs.500 crore and net profit of Rs.33 crore in FY 14-15.
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8 Aug 2015Thomas Cook acquires the Swiss Kuoni Group

Fairfax's Thomas Cook acquired Kuoni Group's (the Swiss tour operator) business in India and Hong Kong.

The Rs.535 crore deal aimed at scaling up the "inbound tour business and expand in foreign markets."

Travel industry sources claimed that post this deal Thomas Cook would become the "largest tour operator in both inbound and outbound segments".

16 Dec 2015CCI gives nod to Thomas Cook to acquire Kuoni