Thomas Cook Group has agreed with Ionic Invest to create a joint venture for the acquisition of Biblio Globus, one of the largest tour operators in Russia, for an initial cash amount of 10 million dollars (8.8 million euros), operation subject to regulatory approvals expected to end in May.
The intention of the British tour operator is to control 30% of the new company to expand its presence in Russia and take advantage of the growth opportunities in this market also for its hotel division, to which it will allocate three million dollars (2.65 million euros). euros).
According to the terms agreed with Ionic Invest, a company owned by Sarpedon Travel specialized in destination management (DMC), the profits of the new company will be linked to the achievement of objectives for the first three years.
Looking ahead to 2020, the joint venture plans to invest another 10 million dollars (8.8 million euros) to boost its growth. The maximum amount in cash that the joint venture will contribute, including the initial consideration, is 150 million dollars (133 million euros), explains the British company.
Founded 25 years ago, Biblio Globus has three million Russian customers with an offer that covers more than 50 destinations. It has a commercial agreement with Rossiya, a subsidiary of the Russian airline Aeroflot. This commercial relationship will also benefit Thomas Cook’s strategy as of the summer of 2019. Biblio Globus’s pre-tax profit is expected to be twelve million euros in 2019.