Thomas Cook India Ltd. becomes a majority stake holder in the Dubai based Digiphoto Entertainment Imaging (DEI). The Indian travel services has acquired 51% stake in the Digiphoto at a value $41 million, or ₹289 crore.
Digiphoto which was established in 2004, captures tourists and renders imaging services for various tourist attractions and resorts in over 14 countries and has massive network of over 120 partners. some of its partners includes big Hollywood studios like Universal Studio. Among its other partners are Burj khalifa in Dubai, Petronas Twin Towers in Malaysia and Ramoji Film City in India.
“The acquisition marks Thomas Cook India Group’s entry into an adjacent sector, complementary to its travel and travel related services portfolio and is both profit after tax (PAT) and free cash accretive from day one,”said Thomas cook India.
This new partnership between Thomas Cook India and Digiphoto will enhance the portfolio of both the companies and will surely help them in expanding their respective business.
In 2014, Indo-Canadian investor Prem Watsa acquired Thomas Cook India limited in a $2 billion deal, since then travel company is aggressively indulging into mergers and acquisitions. After this new acquisition, the shares of company surged about 0.89% on BSE.