Thomas Cook acquires Oeger Tours for €30m

Thomas Cook acquires Oeger Tours for €30m

Thomas Cook has acquired Hamburg-based Öger Tours for approximately €30m in a bid to bolster its package business from Germany to Turkey.

The travel giant is buying the 41-year-old tour operator from its founding shareholder Vural Öger, who will remain with the company.

Öger said his company and Thomas Cook will work together to develop further the potential of Turkey - Öger ‘s specialty - as a tourist destination.

The deal still needs antitrust clearance. The companies expect it to be completed by September.

Öger Tours carried more than 400,000 passengers in the year to 31 October 2009, and reported gross revenues of €256m and operating profit of €3.3m.

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Thomas Cook anticipates synergy savings in excess of €8m a year through operational savings, more in-house flying with its German carrier Condor, and the combined purchasing of flights, hotels and in-resort services.

Manny Fontenla-Novoa, group chief executive at Thomas Cook Group, said: “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.”

“The transaction also further strengthens our presence in Turkey, a key destination for all of our European markets.”