Thomas Cook India acquires 74% in IKYA Human Capital Solutions

Transaction remains subject to customary closing conditions, regulatory approvals as required

Travel services companies, Thomas Cook (India), announced that it has signed an investment agreement to acquire 74 per cent interest in IKYA Human Capital Solutions (Ikya), a staffing solutions company, for consideration of Rs 256 crore. The transaction remains subject to customary closing conditions and regulatory approvals as required.

Ikya offers specialised human resources services including search, recruitment, project-based hiring, general and professional staffing, skill development, and facilities management to over 500 leading Indian corporate clients through 32 offices, with 1,400 members and over 54,000 associates. By virtue of this investment, Thomas Cook broadens its portfolio of service-related businesses.

Thomas Cook's controlling shareholder, Fairfax Financial Holdings, and its affiliate, Fairbridge Capital, both actively assisted in discussions around the acquisition of Ikya. A Fairfax affiliate, Fairbridge Capital (Mauritius) is also a party to the investment agreement.

Madhavan Menon, Managing Director, Thomas Cook (India) said, "It is our strategy to invest in partnerships that broaden our business services platform to increase shareholder value. Ikya's HR services offer us a wonderful opportunity to extend the bouquet of travel, financial and HR services we offer to corporates across India."

Post the acquisition, Ikya would remain a standalone independently managed entity supervised by Thomas Cook, with the assistance of Fairbridge, and we are confident that their management team headed by Ajit Isaac will continue to grow its business for the benefit of all stakeholders. We will continue to focus and invest in the growth of our traditional travel-related businesses, Menon added.