Fosun Nears Deal to Sell Thomas Cook to Polish eSky
In a significant move within the travel industry, Fosun, the Chinese tourism conglomerate, is reportedly in the final stages of negotiations to sell the renowned Thomas Cook brand to eSky, a prominent Polish online travel agency. This development, first reported by Sky News, suggests a major shift in the travel sector landscape.
eSky, largely controlled by the private equity firm MCI Capital, is poised to acquire Thomas Cook in the forthcoming weeks, as per the sources cited in the report. This potential acquisition marks a crucial expansion for eSky, highlighting its growing influence in the global travel market.
A representative from eSky confirmed the ongoing negotiations, stating, "We are currently looking at several companies and constantly holding discussions and analysing their operations." The statement, issued to Reuters, under lines the strategic approach of eSky in reinforcing its market position through potential acquisitions. However, Fosun has yet to make an official response to Reuters' inquiries regarding the deal.
Thomas Cook's history is marked by both prestige and challenges. Established as the world's oldest travel firm, its unexpected collapse in 2019 created a major stir in the industry. The downfall, attributed to a failed restructuring plan, resulted in over 100,000 passengers being stranded and numerous job losses. Fosun, the largest shareholder of Thomas Cook at the time of its public listing, acquired the company for 11 million pounds (approximately $14 million) post-collapse.
This move by Fosun to sell Thomas Cook to eSky reflects a strategic shift in the travel and tourism sector. The acquisition would not only bolster eSky's portfolio but also signify the resurgence of the Thomas Cook brand under new stewardship. This deal, if finalized, would be a notable instance of cross-border cooperation in the travel industry, merging the legacy of a British travel giant with the dynamism of a rising online travel agency in Poland.