Thomas Cook has acquired Russian travel giant, Intourist, the country’s largest tour operator.
It is taking a 50.1% stake in the company for $£28.5m.
The operator also has the option to buy the rest of the company, owned by billionaire Vladimir Evtushenkov’s Sistema.
Intourist was a tourism monopoly founded when Russia was ruled by Stalin but was privatised in the early 1990s.
A statement from Thomas Cook said: "The joint venture will include Intourist’s outbound, domestic and inbound tour operating operations, as well as its retail travel network, and will focus on expansion in Russia and the other CIS countries.
"Over six million Russians went on overseas, packaged holidays last year, and the market is expected to grow by a double-digit percentage in the coming years."
The deal does not include Intourist’s hotels.
By Bev Fearis
