Announced today, the long-awaited deal is expected to be completed on February 2 and follows the group's acquisition of bed bank hotels4u.com for £21.8 million in February 2008.
The latest deal, which sees the group take on the Med Hotels German business as well as Hoteltransfers and Holiday Hotels, now makes the group the market leader in the UK bed bank market while also including its foothold in the independent sector.
Lastminute.com group chief executive Ian McCaig said the sale of Med Hotels would allow lastminute.com to focus on cementing its own position at the forefront of the online travel industry.
He added: “Med Hotels has played an important role in the growth of the lastminute.com group over the past five years.
“I would like to personally thank everybody at Med Hotels for their contribution to the success of the lastminute.com Group and wish them further success as part of Thomas Cook.”
It is understood the deal will give lastminute access to Thomas Cook product and will also see the Thomas Cook Group discuss “wider strategic opportunities” with Sabre.