British travel services company Thomas Cook Group PLC has agreed to enter into a new joint venture (JV) with Ionic Invest, to acquire Russian tour operator Biblio Globus.
Thomas Cook and Ionic Invest, which is owned by Turkish tourist agency Sarpedon Travel, will buy Biblio Globus for an initial $10 million.
With the JV, Thomas Cook will assume a minority 30 percent stake injecting $3 million, which will give the company the possibility to diversify its customer base and support its extension in Russia.
An additional cash consideration of $10 million is payable and funded by the joint-venture business in January 2020.