Egyptian billionaire Samih Sawiris, through his Raiffeisen Touristik Group, acquired the Thomas Cook franchise in Germany.
Sawiris owns 74.9 percent of the Raiffeisen Touristik Group, which generates about 3.5 billion euros of sales annually, and the group includes the Otto Resland brand, Thomas Cook Netherlands and 700 private travel agencies.
The deal entails the transfer of hundreds of travel agencies to Sawiris to become one of the largest travel business leaders in Germany, according to a press release.
Investor Samih Sawiris, 62, caused a sensation in Switzerland with his plans to reach the Gotthard base tunnel, placing the village in the Orsen Valley in the Swiss Alps on the map of global tourism, according to the British Telegraph.
The British newspaper considered that the Egyptian billionaire Samih Sawiris reinvented the Swiss resort.
During the past few months, the world's oldest tourism company, Thomas Cook and several national companies working with it, have declared bankruptcy, and since then, major sales and acquisitions are in full swing, according to the newspaper.
Sawiris also owns shares in the tourist company FTI in Munich, owns a third of the company, and also took over the partial partnership three years ago.
Sawiris seeks to expand further in the field of tourism, because his company is linked to the development of hotel business. His company owns 35 hotels in Egypt, the United Arab Emirates, the Sultanate of Oman and Switzerland.
Hotel projects are also planned in Montenegro and Morocco.
Sources : Mubasher