Poland’s eSky Group is acquiring one of the most recognizable names in the travel industry: Thomas Cook.
The acquisition agreement signed with Fosun Tourism Group will drive significant growth for Thomas Cook and enable eSky Group to strengthen its position in Western Europe.
eSky Group, owner of a leading travel platform in Central and Eastern Europe, today announced that it has entered into an agreement with Fosun Tourism Group for the acquisition of Thomas Cook, excluding its operations in China.
The financial details of the transaction have not been disclosed, and closing is subject to customary closing conditions.
This strategic acquisition gives Thomas Cook access to eSky’s extensive range of flights and offers opportunities for further growth.
At the same time, this opens the door for eSky to one of the most developed markets in Western Europe, which will significantly strengthen their market position.
This acquisition follows the launch of the new online Thomas Cook in September 2020, just ten months after Fosun Tourism Group acquired the iconic brand.
Fosun Tourism Group, a global tourism group with a strong focus on leisure, also owns brands such as Club Med, the international market leader with around 70 resorts.
Founded in 2004, eSky Group has become the dominant travel platform in Central and Eastern Europe and has expanded globally in recent years.
Currently, eSky operates under the eSky and eDestinos brands in more than 50 countries across Europe, America and Africa.
The company has helped more than 150 million customers reach the farthest destinations and provides access to more than 550 airlines and 1.3 million hotels worldwide.
In 2023, eSky Group achieved a profit of more than 19 million euros, an increase of 42% compared to the previous year, and almost three times as much as in 2019.
“The combination of Thomas Cook’s rich brand history and our technology will accelerate Thomas Cook’s growth and strengthen our position in Western Europe.
This acquisition is a strategic step to expand our offering from airfare only to full package holidays in our existing markets in Europe and Latin America, and to further increase our presence in Western Europe,” said Łukasz Habaj, co-founder and CEO of eSky Group.
The company is based in Katowice, Poland, and has more than 800 employees, including an in-house development team of more than 190 people, which enables them to innovate quickly and at scale.
Since 2022, the eSky Group has been partly owned by the listed private equity firm MCI, a leading Digital & ClimaTech fund in Central and Eastern Europe.
MCI has also previously invested in taxi company Gett and payments company iZettle.
“The acquisition of Thomas Cook by eSky is in line with the company’s strategy to grow and expand the dynamic parcel segment globally.
This move will strengthen eSky’s position and could boost sales of eSky packages to more than €233 million next year, maintaining a triple-digit growth rate,” said Michał Górecki, Senior Investment Partner at MCI Capital.
In recent years, eSky has invested the most in city breaks and package holidays. This product is a cornerstone of the company’s transformation from a predominantly flight platform to a platform for virtual tour operators.
As part of the deal, Thomas Cook will remain within the company under the leadership of CEO Alan French.
The company will continue to operate under the name Thomas Cook.
“Completing this transaction will inject significant funding into our business, which will enable us to rebuild the brand and accelerate growth.
By combining the power of our dynamic package holiday technology and our expertise with the flight offer, performance marketing and technical expertise of the eSky team, we are confident that we will create a powerful European travel company,” said Alan French, CEO of Thomas Cook Tourism.
‘I am very happy with this step.
It will give the Thomas Cook brand the strength to grow, including by giving us access to more airlines, destinations and hotels.
As soon as we know more about our plans, we will let you know,” Mark Verbunt (Country Manager of Thomas Cook Netherlands and Belgium) told TravMagazine when asked.
