Via: ATW: Incomplete quote:
by Cathy Buyck
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UK-based MyTravel and German tourist conglomerate Thomas Cook are merging in a deal that will create the second-biggest travel company in Europe behind TUI.
The new company, called Thomas Cook Group, will produce combined revenue of about $15.6 billion selling holidays to some 19 million customers a year. It will be based in London.
In December, MyTravel reported its first annual profit in five years after a major restructuring exercise, cutting costs and selling real estate. According to the MyTravel website, the companies in the group operate 31 aircraft.
The move eventually is expected to generate at least $146.2 million of cost savings per year, the two groups said. Specific information concerning cost synergies was not supplied, nor was the future status of the airline portfolio comprising Thomas Cook Airlines UK, Thomas Cook Airlines Belgium, Condor Airlines, MyTravel Airways UK and MyTravel Airways A/S detailed.
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Thomas Cook, MyTravel merge |
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