May 23, 2019
Thomas Cook receives offer for Northern European business
Embattled travel group Thomas Cook on Thursday said it received an unsolicited bid for its Northern European business from the private equity firm Triton Partners. The UK-based company confirmed that Triton had put forward a "Highly preliminary and unsolicited indicative offer" for the Thomas Cook airline and tour operator business in Norway, Sweden, Finland and Denmark, which accounts for around 17 per cent of the company's revenues. In its most recent full-year results, Thomas Cook said that its Northern European operations had revenues of £1.3bn. The tour operator had the highest booking rate of all of Thomas Cook's tour operations divisions at 72 per cent. "The group has received multiple bids, including for the whole, and parts, of the airline business and the Board of Thomas Cook Group will consider these approaches with the aim of maximising value for all shareholders," it said. Shares in Thomas Cook rose almost 7 per cent on previous close following the news, recouping some losses from the morning provoked by further downgrades in Thomas Cook's credit rating by Fitch and S&P Global.
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