Thomas Cook Group announced it will sell a 77% stake in its Indian operations, Thomas Cook India (TCIL), to Fairbridge Capital (Mauritius), a subsidiary of Toronto-based Fairfax Financial Holdings. The sale was conducted through an auction led by Credit Suisse and is expected to be completed by August.
Fairbridge agreed to a purchase price of ₹50 (US$0.88) per share, which will net Thomas Cook US$150 million for the stake. Thomas Cook Group will grant Fairbridge a licence for the Thomas Cook brand for 12.5 years in the countries in which TCIL now operates.
Trilegal advised the Thomas Cook Group and TCIL, through its partner Harsh Pais, senior associate Upasana Rao and associate Clarence Anthony. Allen & Overy advised the sellers on the English law aspects of the deal.
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