Thomas Cook India buys Kuoni’s India, Hong Kong businesses
Tour operator Thomas Cook (India) Ltd has inked a deal to acquire the Indian and Hong Kong business units of Kuoni Group.
Thomas Cook will take on the 1,800 Kuoni employees and run it as an independent business.
The purchase it set to be completed this year following regulatory approvals.
"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," said Prem Watsa, chairman and CEO of Thomas Cook India parent company Fairfax Financial Holdings.
"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 very pleased that we found forward-looking solutions for the units in India and Hong Kong," said Peter Meier, CEO of Kuoni Group.
Kuoni announced earlier this year its intention to offload its tour operating businesses in a global restructuring.
Thomas Cook India has more than 232 locations in 94 cities in India, Mauritius and Sri Lanka and recently bought Sri Lanka-based destination management company Luxe Asia.
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