Thomas Cook to acquire Think W3

Thomas Cook Group has agreed to acquire 100 percent of Think W3 Limited, the owner of Essential Travel. Financial details weren’t shared.

The group stated that the acquisition supports its strategy of becoming “a leading, travel-related financial services provider”.

In particular, the acquisition provides the group with a platform to accelerate the growth of travel-related services online.

For the financial year ended 31 March 2009, Essential Travel had gross assets of £2.5m. The business is currently owned by the management team and the acquisition will be funded from existing cash resources.  The acquisition is conditional upon FSA approval and is expected to complete shortly.

Manny Fontenla-Novoa, group chief executive, Thomas Cook Group, “We continue to believe a strong position in the direct travel insurance market is strategically important.”