Trilegal Allen amp Overy AZB and Shearman lead on Thomas Cooks sale of Indian arm to Fairbridge
Dealstreet

Trilegal Allen amp Overy AZB and Shearman lead on Thomas Cooks sale of Indian arm to Fairbridge

Bar & Bench

UK-based travel services provider Thomas Cook Group has sold its entire 77 percent stake in the Indian arm, Thomas Cook India to Toronto-based Fairbridge Capital (Mauritius), a subsidiary of Fairfax Financial Holding for Rs. 817.4 crore ($150 million).

This was followed by Fairbridge Capital making a public announcement of an open offer to acquire the remaining equity shares of Thomas Cook India from the public shareholders.

Trilegal advised Thomas Cook with a team led by Delhi Partner Harsh Pais along with Senior Associate Upasana Rao and Associate Clarence Anthony.

The London office of Allen & Overy acted as English legal advisor to Thomas Cook. Allen & Overy team was led by Partner Alistair Asher.

AZB & Partners Mumbai Partner Ashwin Ramanathan acted as Indian legal advisor to Fairbridge Capital while the London office of Shearman & Sterling acted as English law advisor. Shearman team was led by Partner Laurence Levy along with Associate Milan Thakker.

According to Dealcurry, the deal would also give Fairbridge Capital the right to use Thomas Cook brand in India for 12.5 years. The brand licensing rights will be applicable to countries such as India and Mauritius.

Other bidders for the asset included Travelex, TA Associates, Carlyle, Actis and China based HNA, along with Hong Kong’s Bravia Capital.

The disposal is part of the Group’s previously announced plans to reduce debt and strengthen its financial position.

According to Trilegal, this is one of the largest public M&A deals under the relatively new Takeover Code, 2011 and in the financial sector.

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