Thomas Cook repurchases control of its brand
The travel and forex operator will pay up to $383 million for its businesses in India, Egypt and the Middle East just two years after selling them to the Dubai Financial Group.
London-listed Thomas Cook Group TCG is buying back its businesses in India, Egypt and the Middle East from Dubai Financial Group for Ç208 million-Ç249 million $320 million-$383 million.
After the acquisition, which TCG plans to fund from its balance sheet, it will once again control its global brand. The acquisition is earnings accretive and meets TCGÆs cost of capital criterion, the firm said in a written statement. The deal is expected to be fully closed by May 2008....
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