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.