China's Fosun to sell Thomas Cook to Polish travel platform eSky

China's Fosun to sell Thomas Cook to Polish travel platform eSky

Photo: Reuters

Polish travel platform eSky Group has signed agreements with China’s Fosun Tourism Group to acquire Thomas Cook, it said on Thursday, adding the acquisition would pave the way for eSky to grow in the most developed markets in Western Europe.

Fosun earlier said the value of the deal would be 30 million pounds ($39.48 million). It does not include Thomas Cook’s business in China, eSky said.

Thomas Cook, the world’s oldest travel firm, collapsed in 2019, succumbing to heavy debt. It was then taken over by China’s Fosun Tourism Group for 11 million pounds.

eSky Group, founded in 2004, is a major travel platform in Central and Eastern Europe and it is now operating in more than 50 countries across Europe, the Americas and Africa.

“The synergy of Thomas Cook’s brand heritage with our technology will drive Thomas Cook’s growth and allow us to strengthen eSky’s position in Western Europe,” Lukasz Habaj, co-founder and CEO of eSky Group, was quoted as saying in a statement.

“This acquisition is part of our strategy to diversify from just selling flights to offering package holidays across our existing markets in Europe and Latin America, as well as expand further into Western Europe.”

Listed private equity company MCI Capital took a 55% stake in eSky Group in 2022.

“This move will enhance eSky’s position and could boost eSky’s packages sales beyond 233 million euros ($258.61 million)next year, sustaining a three-digit growth rate,” Michal Gorecki, Senior Investment Partner at MCI Capital said in the statement.

Reuters

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