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Transat A.T. Inc. to acquire Thomas Cook Travel Limited in Canada
Transat A.T. Inc., one of the world’s largest integrated tourism companies and Canada’s holiday travel leader, announced today that it will acquire Canadian travel agency network Thomas Cook Travel Limited, for an amount of $7.4 million.
This network includes 190 travel agencies, 124 of which are franchised and 66 owned, under the Thomas Cook and Marlin Travel banners, as well as 22 foreign exchange offices, 19 of which are located in the travel agencies. This transaction is subject to certain conditions.
"With this acquisition, Transat is strengthening its presence in Ontario and Western Canada, which is in line with our growth strategy and our business model," said Jean-Marc Eustache, President and Chief Executive Officer of Transat A.T. Inc. "Our customers will be the first to benefit from this acquisition, which will enhance our distribution efficiency and our product line. The transaction also means Transat is taking on board a team of experienced travel professionals whose knowledge and expertise our customers can rely on."
The Thomas Cook Travel Limited acquisition makes Transat the country’s largest travel agency network, with 430 outlets. Transat’s affiliated distribution network in Canada includes 102 Club Voyages agencies, 62 Voyages en Liberté agencies, 53 TravelPlus agencies, in addition to 22 tripcentral.ca agencies, the exit.ca online agency and now the 190 Thomas Cook and Marlin Travel agencies and three stand alone foreign exchange offices. Thomas Cook travel Limited , headquartered in Mississauga, Ontario, employs 384 people across the country.
About Transat A.T. Inc.
Transat A.T. Inc., with its head offices in Montreal, is an integrated company specializing in the organization, marketing, and distribution of holiday travel. The core of its business consists of tour operators in Canada and France. Transat is also involved in air transportation, value-added services at travel destinations, as well as in distribution through travel agency networks. Transat is listed on the Toronto Stock Exchange (TSX:TRZ.B; TRZ.RV.A).