Trio join up for Thomas Cook-MyTravel merger
Sullivan & Cromwell, Slaughter and May and Freshfields Bruckhaus Deringer have come together to advise on the £3bn merger between Thomas Cook and MyTravel, announced earlier today (12 February). The deal sees German-based Sullivan client KarstadtQuelle - which already owned 50% of Thomas Cook - acquire the remaining 50% of the company, which is owned by Lufthansa, before it merges with MyTravel.
February 12, 2007 at 11:13 AM
2 minute read
Sullivan & Cromwell, Slaughter and May and Freshfields Bruckhaus Deringer have come together to advise on the £3bn merger between Thomas Cook and MyTravel, announced earlier today (12 February).
The deal sees German-based Sullivan client KarstadtQuelle – which already owned 50% of Thomas Cook – acquire the remaining 50% of the company, which is owned by Lufthansa, before it merges with MyTravel.
KarstadtQuelle will own 52% of the combined group, which will retain the Thomas Cook name but will be based in the UK. MyTravel shareholders will own the remaining 48% of the merged company, which will be the second-largest tour operator in Europe, with an estimated annual turnover of £8bn.
Slaughters acted for regular client MyTravel, fielding a team led by corporate partners William Underhill and Roland Turnill, while Freshfields advised Lufthansa.
Corporate partner Tim Emmerson led the Sullivan team advising KarstadtQuelle.
The deal is significant for Sullivan, which hired Emmerson from Milbank Tweed Hadley & McCloy last year. Emmerson had been due to join Sullivan later this year but switched firms earlier than expected in order to lead the team on this transaction.
KarstadtQuelle turned to Sullivan following a recommendation from Goldman Sachs – a mutual client of Sullivan and Emmerson.
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