New Tour Op Said to Rival TUI AG in Revenue

Germany-based tour operator Thomas Cook bought British company MyTravel, creating a company with an annual revenue of about $15.58 billion, an amount that rivals Europe's current biggest tour operator, TUI AG, Reuters reported on Monday. The deal is expected to be complete by June. Thomas Middlehoff, CEO of KarstadtQuelle, Thomas Cook's parent company, who also serves as chairman of Thomas Cook, will become chairman of the new company. MyTravel Chairman Michael Beckett will become deputy. Thomas Cook will control 52 percent of the new company, which will be called Thomas Cook Group, and MyTravel will hold 48 percent of the company's shares. Reuters elaborated that both companies expect to save $146.1 million one year after combining the two business.

Read more on:

Suggested Articles:

CommonPass establishes a standard method for lab results and vaccination records to be certified across borders. Here's what you need to know.

A recent survey conducted by Dream Vacations, CruiseOne and Cruises Inc. revealed that there is an incredible, pent-up demand for travel.

The COVID Relief Now Coalitionhas launched a digital advertising campaign urging policymakers to quickly approve a new COVID-19 relief package.