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Thomas Cook buys German tour group for €30m
HOLIDAY group Thomas Cook has bought German tour operator Oger for €30m (£25.2m).
Oger specializes in holidays in Turkey and tours and carried more than 400,000 passengers last year.
It reported gross revenues of €256m and operating profit of €3.3m.
Thomas Cook said that the deal could create €8m in cost savings for the two companies.
Manny Fontenla-Novoa, group chief executive, said: “I am delighted to be able to bring such a well-established and respected brand as Öger Tours into the Thomas Cook Group.
“We have been exploring opportunities to reinforce Thomas Cook’s strong position in Germany, one of the Group’s largest and most important operating segments, and this acquisition represents an important step in our strategy to achieve this.”