Thomas Cook Group is to sell its North American business to Red Label Vacations for £3.4 million
Thomas Cook North America (TCNA), which incorporates Thomas Cook Canada and Thomas Cook USA Holdings, operates a tour operator and distribution network and has headquarters in Toronto.
Its brands include tour operator Sunquest, Italy specialist Alba Tours and MyTravel retail which consists of 60 travel agencies.
TCNA also owns ABC Corporate Services Inc. and D-FW Travel Arrangements in the US.
The sale is subject to clearance by the Competition Bureau of Canada and is expected to be completed by May 31.
The proceeds will be used to reduce the debt of the Thomas Cook Group.
Harriet Green, chief executive, said: "As we continue to drive the transformation of the Thomas Cook Group I am pleased to have reached agreement to divest our North American business, enabling us to focus on our core segments and future growth. The combination of TCNA's product portfolio and Red Tag's online presence form an attractive proposition for Canadian customers and we wish the team every success in the future".
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