Thomas Cook Group plc (TCG.L) said that it has agreed to acquire the remaining 49.99% economic stake in Gold Medal International Limited, a leading UK independent travel company from its founder, Ken Townsley.
Thomas Cook purchased a 50.01% economic interest in Gold Medal in April 2009 for a cash payment of £24.9 million and the contribution of its Flight Savers business. Thomas Cook has agreed to acquire the remainder of the Gold Medal business in advance of its call option becoming exercisable on 31 March 2010 in order to accelerate synergies.
The consideration payable for the remaining 49.99% stake is £47.5 million. The acquisition is structured so that Thomas Cook today acquires an additional 26.31% interest in Thomas Cook Investments (3) Limited or TCI(3), the holding company of Gold Medal, for £25 million to be satisfied by way of a non-interest bearing loan note which is redeemable between April 2011 and October 2011. The remaining 23.68% interest in TCI(3) is expected to be acquired through the exercise of a series of call and put options between January 2010 and October 2010 for a further £22.5 million.
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