Canada’s Fairfax Financial wins auction for Thomas Cook India

British travel company Thomas Cook accepts $150 million bid from Fairfax Financial for its Indian business.

Canada’s Fairfax Financial wins auction for Thomas Cook India

Thomas Cook agreed yesterday morning to sell its entire 77% stake in its Indian unit to Fairbridge Capital, a subsidiary of Canada’s Fairfax Financial, for 95 million $150 million.

The price is equivalent to Rs50 a share, which represents a premium of 11% to the market price on February 7, when the auction became public. Would-be buyers had first approached Thomas Cook in January, with broad interest from both strategic acquirers and financial sponsors...

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