Thomas Cook has confirmed completion of a deal to enter Russia through a joint venture with VAO Intourist.
The travel giant is initially acquiring a 50.1% stake in the joint venture company for $45 million.
The company is paying $10 million in cash and issuing $35 million of Thomas Cook shares.
The joint venture, originally announced last November, includes Intourist’s outbound, domestic and inbound tour operations as well as its retail travel network. It will focus on expansion in Russia and the other CIS countries.
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