Tourism Industry News
Thomas Cook to Buy Condor Stake from Lufthansa
Thomas Cook Group plc has confirmed that it intends to acquire Lufthansa AG’s 24.9 percent stake in Thomas Cook’s German airline Condor through the exercise of the options granted in 2007.
The price agreed under the options at that time, is €77.19 million which will be payable in cash at completion. The purchase will be in cash, Thomas Cook said in a statement.
The tour operator, which is controlled by German retailer Arcandor AG, last year had been in talks with competitors including TUI Travel Plc’s TUIFly holiday carrier, Deutsche Lufthansa AG’s Germanwings affiliate and Air Berlin Plc to combine the airlines.