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Thomas Cook swoops for French operator Jet Tours
Thomas Cook is poised to acquire Paris-based operator Jet Tours from Club Med for 70 million euros (£56m).
An exclusivity agreement has been signed for the deal to go ahead for the premium operator which has carryings of 270,000 passengers a year and made a profit of 3.4 million euros last year.
Combining Thomas Cook France, the country’s largest travel retailer, with Jet Tours woud create the third largest operator in France with a combined market share of around ten per cent.
Thomas Cook also signalled moves towards “strategic flying partnership opportunities” and to drive more Club Med sales though its agencies.
At the same time the group has agreed to buy Canadian operator TriWest Travel Holdings for C$114 million.
Thomas Cook Group chief executive Manny Fontenla Novoa said: “Both of these acquisitions are fully in line with our strategy of becoming a leading independent travel provider and capturing growth and value in the mainstream business,aswell as driving further consolidation across the sector.”
He added: “We see great opportunities in Jet Tours, which would be a strong fit with our existing proposition in France and would provide us with a platform for significant future growth in this important market.
“The acquisition of TriWest Travel Holdings will enable us to balance our revenue and profits between our mainstream charter business and independent travel brands, whilst significantly expanding our distribution reach and customer base in the region.
“Both deals offer substantial synergy opportunities and we look forward to working with both teams to deliver on our plans for future growth.”
Thomas Cook has already bought Hotels4u.com and Elegant Resorts this year.
by Phil Davies
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