Friday February 23rd, 2024
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Business mogul Samih Sawiris Acquires Thomas Cook Germany

The deal oversaw hundreds of travel agencies transferred to Sawiris.

Staff Writer

Egyptian billionaire Samih Sawiris has just acquired travel giant Thomas Cook Germany through Raiffeisen Touristik (RT) Group, of which his shares are at an estimated 74.9 percent. RT Group’s annual sales are at an estimated 3.5 billion Euros and are the mother company of Otto Resland, Thomas Cook Netherlands and 700 other travel agencies.

Thomas Cook announced its collapse in September 2019. The global agency originally had 200 million Euros in remaining funds but declared bankruptcy shortly after.

Sawiris is now one of the leading names in the German tourism industry, as the deal saw the transfer of hundreds of travel agencies to Sawiris.