Thomas Cook announces completion of Kuoni aquisition
Thomas Cook India, along with its wholly owned subsidiary Travel Corporation India (TCI), has formally completed the process of acquisition of 100 per cent shareholding of Kuoni Travel India from the Kuoni Group on December 16, 2015.
With this development, Thomas Cook India has completed the acquisition process of Kuoni Group’s travel businesses across both India and Hong Kong. In addition to the current brands of TCI, the acquisition will allow Thomas Cook the usage of the SOTC brand, including SITA, in perpetuity, the Kuoni brand in India for 12 months and in Hong Kong for five years.
Commenting on the acquisition, Madhavan Menon, managing director, Thomas Cook India said, “We have successfully completed the closure process for the acquisition of Kuoni Travel across India and Hong Kong; this gives us significant synergies across the entire spectrum of travel services, including inbound, MICE, outbound and domestic, as also corporate travel. As part of our strategic intent of a larger Asia play, we had taken the first step with our acquisition of Luxe Asia in Sri Lanka, and Kuoni Hong Kong is now a reiteration of our intent.”
Menon added, “The acquisition of Kuoni India – led by the management team under Rajeev Wagle and Dipak Deva – represents strong businesses and brands that we plan to leverage for customers of both Kuoni and Thomas Cook India, and we welcome aboard all our colleagues at Kuoni India.”