Rus News Journal

Thomas Cook the European tour operator has landed on the Russian coast

has finished the transaction with Intourist

Thomas Cook and VAO Intourist have finished the transaction on joint venture creation the agreement about which has been signed in the end of 2009. The share of the foreign partner in the new company has made 50,1 %, Intourist - 49,9 %. If following the results of 2012 EBITDA the joint venture is less 15 million dollars, Thomas Cook can return this sum. And if the enterprise appears successful, the European tour operator will redeem a share Intourist .

Owning Intourist AFK System declared that the transaction between Thomas Cook and Intourist it is finished on earlier declared conditions. On the site Thomas Cook yesterday has informed that as it has been originally declared on November, 25th, 2009, the joint venture included camera actives Intourist In the market of internal and entrance tourism, and also a retail network of travel. Thomas Cook has got 50,1 % of actions of the new company for 10 million dollars, and Intourist became the proprietor of 16,7 million actions of the European tour operator (1,95 % of an authorised capital stock). Cost of this package on LSE has made yesterday an order of 23,8 million dollars

On terms of transaction Thomas Cook reserves possibility to return to 15 million dollars if following the results of 2012 EBITDA the joint venture appears less than this sum. As a variant Intourist will reduce the share in the joint venture. In 2010 indicator OIBDA of tourist division AFK System on US GAAP has made 6,9 million dollars, having reduced in comparison with 2009 to 11,7 %. The gain has grown on 29,7 %, to 518,2 million dollars

If marzhinalnost joint venture business will grow (at Intourist In 2010 this indicator has made only 1,5 %), and also it will be possible to increase a gain it is quite possible to count and on growth EBITDA, the analyst " is assured; Uralsiba Konstantin Belov. It is quite realistic, the European tour operator would not began to enter into business, doubting possibility to earn - it explains.

Within the limits of the transaction options for five years on which Thomas Cook can redeem a share " also are given to partners; Intourist in the joint venture, and Intourist - to sell to it the share. The sum of payments will be calculated by means of the animator 6xEBITDA where indicator EBITDA is taken for a year previous execution of an option. Konstantin Belov is assured that AFK System will use the right to sell the package at the good price, and Thomas Cook will want to receive complete control in successful business.