Egyptian billionaire Samih Sawiris has acquired the Thomas Cook franchise in Germany.
According to a news report by Egypt Independent, Sawiris acquired the franchise through his Raiffeisen Touristik Group, after the British company declared bankruptcy in September following a sharp drop in revenues.
The deal reportedly includes the transfer of hundreds of travel agencies to Sawiris’ company, making him one of the largest players in the travel industry in Germany.
Sawiris currently owns close to 75% of the Raiffeisen Touristik Group, which generates more than $3.5 billion in annual revenues. The group’s portfolio includes Otto brand Reiseland, Thomas Cook Netherlands, and more than 700 travel agencies.
The 62-year-old billionaire also owns a third of German tour operator FTI – a stake he acquired three years ago.
Orascom Development, the hotel operator Sawiris controls, currently owns 35 hotels in Egypt, the UAE, Oman, and Switzerland. Hotel projects are also planned in Montenegro and Morocco. He also owns close to 10% of OCI N.V., a Netherlands-based producer of nitrogen products and methanol.