Cook to expand into France and Canada

The Thomas Cook Group PLC has purchased Jet Tours which is a French Tour Operator and has also agreed to purchase TriWest Travel Holdings, a Canadian Travel agency. The UK based, Thomas Cook Group PLC, bought the companies to help accomplish its strategic goals of creating a stronger presence in France as well as North America.

The newly purchased Jet Tours will provide Thomas Cook with a 10% control of the market in France once the merge has been completed. The acquisition for Jet Tours cost Cook $110.4 million.

The second expansion, TriWest Travel, was purchased for roughly 112 million. The Montreal-based company will also merge with Thomas Cook creating the foot in the door Thomas Cook Group has been trying to expand upon in North America.

Jet Tours and TriWest Travel were paid using cash reserves from Thomas Cook. Cook has commented that the acquisitions provide the potential for synergies in which the entire company can benefit and grow within their specific markets.

In addition to these mergers, The Thomas Cook Group has future plans to further expand their business. One strategy is to research forming strong relations with Club Med. Their business strategy was discussed by the Chief Executive Manny Fontenla Novoa, “Both of these acquisitions are fully in line with our strategy of becoming a leading independent travel provide as well as driving further consolidation across the sector.” 

The mergers are not official as they are waiting upon regulatory approvals.

www.thomascook.com