In a significant move within the travel industry, Thomas Cook has been acquired by Poland’s eSky Group for an undisclosed sum. This acquisition marks the next chapter for the iconic online travel agency, which had previously declared bankruptcy in 2019. The deal was finalized through an agreement with Fosun Tourism Group, the company that owned Thomas Cook after its collapse.
eSky Group, a travel platform known for operating across Central and Eastern Europe, will now take charge of the Thomas Cook brand, excluding its operations in China. The acquisition of Thomas Cook aligns with eSky’s strategy to expand its reach in Western Europe and diversify its offerings, moving from simply selling flights to providing complete holiday packages.
Fosun Tourism Group had acquired Thomas Cook’s brand and its related hotel brands, Casa Cook and Cook’s Club, for 11 million euros after the company went under. Although Thomas Cook was relaunched as an online tour operator, Fosun later sold the hotel chains to Goldman Sachs Asset Management. Rumors of a sale to eSky circulated earlier this year, which have now come to fruition.
eSky Group, founded in 2004, operates both the eSky and eDestinos brands. With a 42% increase in profits last year, reaching over £18 million, eSky’s growth has been impressive. The company, partly owned by private equity firm MCI Capital, now aims to leverage the Thomas Cook brand’s heritage and eSky’s technological expertise to drive further expansion.
Lukasz Habaj, co-founder and CEO of eSky, highlighted the potential synergy: “The combination of Thomas Cook’s strong brand with our cutting-edge technology will fuel our growth and position us as a stronger player in Western Europe.”
With this acquisition, Michał Górecki, senior investment partner at MCI Capital, noted that eSky aims to exceed €233 million in package sales by next year. This strategic move aligns with eSky’s focus on offering dynamic packaging and strengthening its market position.
Alan French, CEO of Thomas Cook, will remain in his role, steering the company through this new phase. French expressed optimism, saying, “This acquisition brings crucial funds into our business as we work to rebuild and accelerate the growth of Thomas Cook.”
Thomas Cook’s collapse in 2019 was a turning point for the travel industry, attributed to geopolitical tensions, Brexit uncertainty, and an unusually warm summer in northern Europe. As the Thomas Cook brand reemerges under eSky’s wing, it’s set to reclaim its position as a formidable force in the travel market.
This acquisition signals a new era for Thomas Cook, blending its long-standing reputation with eSky’s tech-driven approach to cater to the evolving demands of travelers across Europe
