Deal involving Nordic arm of defunct Thomas Cook saves over 2,000 jobs

Thomas Cook Airlines Scandinavia ©AirTeamImages

Billionaire Petter Stordalen, a Norwegian businessman, hotel and property developer has, together with private equity firms TDR Capital and Altor, purchased the Nordic arm of the now failed Thomas Cook travel agent and airline.

The triumvirate has acquired the Ving Group, which includes such brand names as Globetrotter, Spies and Thomas Cook Airlines Scandinavia, which will now be renamed Sun Class Airlines. Stordalen’s Strawberry Group and Altor will each take a 40% stake in the new venture, with TDR Capital taking a 20% share. The deal is also expected to see some 2,300 jobs of previous Thomas Cook employees saved.

Strawberry Group said Thomas Cook Northern Europe, which employs 2,300 people, is the Nordic region’s most successful travel company and called it a “crown jewel”. Mr Stordalen said: “Today is a big day for a man who loves the travel industry”. Altor partner Harald Mix said: “It is a fantastic business that has ended up in a very unfortunate situation.”

The deal will enable the new owners and other financiers to inject as much as 6bn Swedish krone (US$618) to keep it afloat.  

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