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Thomas Cook, Sterling Holiday announce Rs 870 cr merger

Mumbai: Travel firm Thomas Cook India (TCIL) on Saturday announced a merger with Sterling Holiday Resorts India in a Rs 870-crore part-equity, part-cash deal to be executed in multiple stages. TCIL will first inject Rs

India TV News Desk Updated on: February 08, 2014 22:48 IST
Sterling will cease to exist as a company but will continue as a brand.

"We have no intention to integrate the Sterling brand into Thomas Cook," Menon added. Ramanathan said the merger will boost Sterling's market position as there are multiple natural synergies that will benefit both companies.

"Thomas Cook customers will have access to our pan-India network of well-located, full-service, quality resorts, which offer great holiday experiences," he added.

A senior Thomas Cook executive said Bay Capital, an investor in Sterling, will have around 2% equity in the merged entity. Based on the equity investments and merger ratios, the aggregate value of the two companies is estimated at about Rs 3,000 crore, they said in a statement.
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