Thomas Cook has completed its deal with Intourist to give it a foothold in the Russian travel market.
The two companies have formed a joint venture, which was originally announced last November, in which Cook has paid up to US$45m for a 50.1% stake, including US$10m in cash and US$35m of Thomas Cook shares.
A total of 16, 697,548 ordinary shares have been issued to the vendor. The final price is subject to an adjustment for net debt and working capital.
The joint venture includes all Intourist's outbound, domestic and inbound tour operations as well as its retail travel network and will focus on expansion in Russia and the other CIS countries.
By Linsey McNeill
