British tour operator Thomas Cook has gained European Union approval to acquire smaller rival Öger Tours.
Thomas Cook unveiled the €30 million deal in July, forecasting annual synergies of more than €8 million on completion.
Following an investigation the European Commission, the EU competition watchdog, found the acquisition would not hinder market competition, with German holidaymakers still offered access to a range of competitively priced package tours.
Thomas Cook chief executive, Manny Fontenla-Novoa, said: “I am delighted to be able to bring such a well-established and respected brand as Öger Tours into the Thomas Cook Group.
“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.”
Founded in 1969, Öger Tours is among the leading tour operators in Germany, primarily selling package holidays to Turkey.
In the year ending 31st October 2009, the company carried more than 400,000 passengers, and reported gross revenues of €256 million and operating profit of €3.3 million.
Current trading is strong and Öger Tours expects to grow revenue and profit in the current year.
Öger Tours is presently managed by Vural Öger and his daughter Nina Öger.
At completion both will resign as directors, but will continue to provide advice and support to Thomas Cook through their strong relationships in Turkey.
Thomas Cook is presently Europe’s second-largest tour operator.
Through the acquisition the group hopes to strengthen its position as the second largest travel group in Germany and further increase its strong presence in Turkey, a strategically important destination for the entire group.