Thomas Cook Group To Buy Oger Tours For EUR30M

12th Jul 2010 07:09

LONDON (Dow Jones)--Travel group Thomas Cook Group PLC (TCG.LN) said Monday it has agreed to acquire 100% of Oger Tours GmbH, a German tour operator specializing in package holidays to Turkey, from its founding shareholder Vural Oger for EUR30 million, based on cash consideration to be settled at closing and average net debt and similar liabilities over the last 12 months. MAIN FACTS: -In the year ending Oct. 31, 2009, Oger Tours carried more than 400,000 passengers, and reported gross revenues of EUR256 million and operating profit of EUR3.3 million. Current trading is strong and Oger Tours expects to grow revenue and profit in the current year. -Additionally, other businesses owned by the seller have agreed to provide Thomas Cook with agency and accommodation services in Turkey worth EUR2.5 million at no cost. -It is anticipated that the transaction will generate significant synergies in excess of EUR8 million per annum through operational savings, more in-house flying with Condor, better utilization of aircraft and the combined purchasing of flights, hotels and in-resort services. -Thomas Cook expects to realize the full benefit of these synergies in the second full year of ownership. -Thomas Cook will retain the Oger Tours brand as a specialist operator to Turkey and other nearby destinations and will maintain its Hamburg offices. -Oger Tours is currently managed by Vural Oger and Oger; At completion they will both resign as directors of Oger Tours, but will continue to provide advice and support to Thomas Cook through their strong relationships in Turkey. -Acquisition is expected to complete in or before September 2010. -Shares of Thomas Group on Friday closed at 191.5 pence, valuing the company at GBP1.64 billion. --By Tapan Panchal, Dow Jones Newswires. Tel +44(0)207-842 9448, [email protected] (END) Dow Jones Newswires July 12, 2010 02:09 ET (06:09 GMT)