Holiday operator Thomas Cook has announced that it has reached a deal to acquire 100 per cent of Germany-based rival, Öger Tours, from founding shareholder Vural Öger.
Öger Tours specialises in offering package holidays to Turkey and carried more than 400,000 passengers during the 12 months to 31 October 2009, with an operating profit of €3.3m (£2.8m).
The UK-based group expects to complete the acquisition for €30m (£25.1m) and aims to generate synergies of more than €8m (£6.7m) through savings and better aircraft use.
Meanwhile, the deal will also see other businesses owned by Öger Tours' seller offer agency and accommodation services in Turkey - worth €2.5m (£2.1m) - at no cost to Thomas Cook.
The transaction remains subject to the approval of the European Commission and is due to be completed by the end of September.
