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Thomas Cook India Acquires Kuoni’s Destination Management Network
Thomas Cook India announced on Saturday that it had signed an acquisition agreement with Kuoni’s destination management network.
“We have inked agreement for the acquisition of Kuonis global network of destination management specialists, covering 17 countries across the geographies of The Americas, Africa, Middle East, Asia and Australia. The transaction will be completed post customary closing conditions,” said a spokesperson of Thomas Cook.
The division of Thomas Cook having six business units is spread over in 17 countries in Australia, Asia, Middle East, Africa and The US. However, the financial details of this deal are not disclosed so far.
Madhavan Menon, Managing Director of Thomas Cook India Group said: “This acquisition is a strong reiteration that the Thomas Cook India Group continues to invest and grow its travel businesses globally with a view to creating strong value for its customers,”
Thomas Cook offers a wide range of services like the Foreign exchange, International and Domestic holidays, Travel Insurance and MICE, Visa, and passports as well as e-business.
Thomas Cook India Group had witnessed a drop in net sales from Rs. 500 crore to Rs. 392 crore in the financial year 2015-16 and the net profit also shrunk to Rs. 8 crore to Rs. 33 crore.
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