MyTravel and Thomas Cook have agreed to join hands to form the second-largest ravel company in Europe after TUI. The new company will operate from London and is expected to generate $15.6 billion from around 19 million customers every year.
The merger will be complete by June, if it gets the go-ahead from MyTravel shareholders who will own 48% of the stock. KarstadtQuelle of Germany, which owns Thomas Cook, will own 52% of the stock. Read more.