Mumbai: Thomas Cook India Ltd has acquired 51% stake in Dubai-based Digiphoto Entertainment Imaging at an enterprise valuation of $40.6 million ( ₹289 crore), the travel firm said Monday. “The acquisition marks Thomas Cook India Group’s entry into an adjacent sector, complementary to its travel and travel related services portfolio and is both profit after tax (PAT) and free cash accretive from day one,” the company said in a statement.
Established in 2004, Digiphoto is an imaging solutions provider to various tourist attractions and resorts in 14 countries and has a network of over 120 partners.
Some of its partners include Universal Studio and Marina Bay Sands in Singapore, Burj khalifa in Dubai, Petronas Twin Towers in Malaysia and Ramoji Film City in India.
“We see an immediate opportunity for our outbound customers from India and Hong Kong, as well as our inbound and DMS customers across our global network,” said Madhavan Menon, chairman and managing director, Thomas Cook India.
According to Menon, Digiphoto’s partnerships would enhance Thomas Cook’s travel services portfolio. “With several key markets in common, the acquisition of DEI presents new synergistic opportunities that will enable us to leverage across travel services of the Thomas Cook India Group’s 25 countries,” he added.
On Monday, Thomas Cook shares rose 0.89% to ₹215.10 apiece on the BSE while the benchmark Sensex rose 0.95% to end the day at 36,213.38 points.