Thomas Cook Group To Buy Germany's Oger Tours For EUR30M

12th Jul 2010 07:21

By Patricia Kowsmann Of DOW JONES NEWSWIRES LONDON (Dow Jones)--Thomas Cook Group PLC (TCG.LN) said Monday that it will buy a German tour operator for about EUR30 million as it continues to increase its presence in the country. Oger Tours, which specializes in package holidays to Turkey, reported EUR256 million in revenue for the year ended Oct. 31, 2009, and operating profit of EUR3.3 million. Travel operator Thomas Cook said the German company expects to grow both revenue and operating profit in the current year. "We have been exploring opportunities to reinforce Thomas Cook's strong position in Germany, one of the group's largest and most important operating segments, and this acquisition represents an important step in our strategy to achieve this," Thomas Cook Chief Executive Officer Manny Fontenla-Novoa said in a statement. The company said it expects synergies of over EUR8 million a year from the acquisition. -By Patricia Kowsmann, Dow Jones Newswires. Tel +44(0)207-842-9295, [email protected] (END) Dow Jones Newswires July 12, 2010 02:21 ET (06:21 GMT)