Egyptian billionaire acquires Thomas Cook franchise in Germany

Egyptian billionaire acquires Thomas Cook franchise in Germany
With this move, several hundred travel agencies will now move to Sawiris and will make him one of the largest travel entrepreneurs in Germany
Published: 9 December 2019 - 6:45 a.m.
By: Priyanka Praveen
Egyptian billionaire Samih Sawiris has acquired the Thomas Cook franchise in Germany, reports suggest.

The acquisition took place through Sawiris’ Raiffeisen Touristik Group, a report in the Daily News Egypt read.

With this move, several hundred travel agencies will now move to Sawiris and will make him one of the largest travel entrepreneurs in Germany.

The report also suggested that Sawiris owns 74.9% of the Raiffeisen Touristik Group, which generates around €3.5bn in sales per year. The group includes Otto brand Reiseland, Thomas Cook Netherlands, and 700 private travel agencies.

In September, Thomas Cook confirmed that ‘despite considerable efforts’, it will enter into compulsory liquidation with immediate effect. The company revealed that its four airlines will be grounded, and its 21,000 employees in 16 countries, including 9,000 in the UK, will lose their jobs.

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