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Shares of Thomas Cook (India) were up over 2% at Rs 225 after the travel major said it has signed a definitive agreement with Kuoni Group to acquire its travel businesses in India and Hong Kong for a consideration of Rs 535 crore.
"Our acquisition of Kuoni's tour operating and retailing businesses in India & Hong Kong as well as the Indian inbound business reaffirms our belief in the India market potential, as also our strategic intent to explore viable geographies, including the larger Asia opportunity," said Prem Watsa, Chairman & CEO, Fairfax Financial Holdings, the controlling share holder of Thomas Cook (India) Ltd.
As part of the acquisition, Thomas Cook (India) will take on all of the approximately 1,800 employees of Kuoni's business unit in India and Hong Kong tour operating, and will continue to run the business activities as an independent company, Thomas Cook (India) said in a release to the stock exchange.
The stock opened at Rs 231 and touched a high of Rs 232. At 12:05PM, over 391,000 shares were traded on both the stock exchanges.
