Al Tayyar Travel Group (ATG) recently acquired the Thomas Cook-owned luxury tour operator – Elegant Resorts for SAR 88 million (GBP14.3 m). Elegant Resorts was reserved for sale in March 2013 as part of the group’s restructuring.
The agreement between the two parties was signed in London in the presence of Deloitte Chartered Accountants & Consultants for Al Tayyar Travel Group and financial adviser ‘Thomas Cook’ Company along with Simon Oaks Chartered Accountants.
Dr Nasser Al Tayyar, deputy chairman of the board of directors and president, Al Tayyar Travel Group said: “With the new addition to our ATG family, we hope to strengthen our presence extensively in the UK.”
The value of the deal is estimated at GBP14.3 m (SAR 88 m) broken up into GBP 10.3 m as the company value and four million to support operating capital of the company.