The Thomas Cook Group has confirmed that it is to acquire French tour operator Jet Tours at a cost of €70 million (£56m) from Club Mediterranee. The purchase means that Thomas Cook will become the third largest tour operator in France, with a 10% market share.
Thomas Cook has also agreed to buy TriWest Travel Holdings, a Canadian travel wholesaler for a maximum of CA $114m (£57m). Both deals are subject to relevant regulatory approval before completion.
Thomas Cook has said that said it expects to realise substantial synergies from the integration of the two acquisitions. Thomas Cook CEO, Manny Fontenla-Novoa said that the purchase would enable them 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’.
Each year, nearly 300,000 holidaymakers travel with Jet Tours, who provide a range of luxury holidays and European city breaks. Founded in 1968, Jet Tours positions itself as a top of the range tour operators with 80% of its products rated four stars or more.
