Following months of on-off negotiations, the deal is expected to be completed by 2 February and aims to strengthen the group’s position as the UK’s leading accommodation-only supplier.As part of the arrangement, Thomas Cook will acquire the Med Hotels German business as well as Hoteltransfers and Holiday Hotels.
The deal follows the group’s acquisition of bed bank hotels4u.com for £21.8 million in February 2008. And, according to sources, the group is paying a similar fee for Med Hotels.
Lastminute.com group chief executive Ian McCaig said the sale of Med Hotels would give lastminute.com more space to focus on its core online travel industry business.
He added: “Med Hotels has played an important role in the growth of the lastminute.com group over the past five years.
“I would like to personally thank everybody at Med Hotels for their contribution to the success of the lastminute.com Group and wish them further success as part of Thomas Cook.”