Tour operator Thomas Cook Group Plc. (TCKGY.PK, TCG.L) Tuesday said it has agreed to sell 91.5 percent of its shareholding and loan note interests in The Airline Group Limited, which is a 41.9 percent shareholder in NATS Holdings Limited, to Universities Superannuation Scheme Limited, acting as sole corporate trustee of Universities Superannuation Scheme or USS.
Following the transaction, Thomas Cook will retain the balance of its stake in The Airline Group Limited. The cash consideration is approximately 38 million pounds, which will be used to further reduce the group's debt.
The deal is expected to complete during the first quarter of calendar year 2014 and is subject to clearance from the European Commission.
Harriet Green, Group Chief Executive, said, ''...his sale represents an important milestone in our disposal and debt reduction plans, contributing £38 million towards our target to generate between £100 million and £150 million in gross proceeds by FY15.''
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