Thomas Cook to buy rival MyTravel

Reuters:

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Thomas Cook to buy rival MyTravel
February 12, 2007

German-owned Thomas Cook is to buy British package vacation rival MyTravel, the companies said on Monday, creating a travel giant worth about $5.5 billion.

Thomas Cook, which is owned by stores group KarstadtQuelle, will hold 52 percent of the new entity, with the other 48 percent controlled by MyTravel's shareholders.

The new company is to be called Thomas Cook Group and will take about 19 million people a year on vacations.

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Interesting, consolidation in the travel industry is inevitable because the cost leverage opportunities are too compelling not to take advantage of. I have a friend who works for MyTravel in sales so hopefully her job will ok.