Two new acquisitions for Thomas Cook Group

In announcing the first of two recent acquisitions, the Thomas Cook Group advised that it has acquired Jet Tours from Club Med in a €70 million deal.

The deal for this French tour operator is to be funded through the Thomas Cook Group’s current cash reserves and is subject to works council consultation and all necessary regulatory approvals.

The acquisition of Jet Tours would make Thomas Cook France the third largest of French tour operators, with a 10% share of the market.

Thomas Cook hopes that the addition of Jet Tours will lead to collaboration with Club Med in the French market. Jet Tours reported turnover of €313.7 million from 270,000 passengers during the year ended October 31.

In a separate announcement, Thomas Cook Group informed of its acquisition of TriWest Travel Holdings in a deal valued at $112 million that remains subject to regulatory approval.

TriWest Travel Holdings is a Canadian travel wholesaler that runs two major brands, the airline consolidator Intair and the independent travel wholesaler Fun Sun.

CEO Manny Fontenla-Novoa of the Thomas Cook Group noted: “Both of these acquisitions are fully in line with our strategy of becoming a leading independent travel provider and capturing growth and value in this mainstream business, as well as driving further consolidation across the sector.”