Al-Tayyar acquires Elegant Resorts for SAR 88 Million to expand into European countries

Al Tayyar Travel Group Holding Co., a Saudi Arabia-based travel and tourism service provider, has bought Elegant Resorts, a travel tour operator, from the United Kingdom-based Thomas Cook Group plc for 14.3 million pounds (SAR 88 million) to expand its operations in Britain and other European countries, the company said Sunday in a statement on the website of Tadawul, the Saudi stock exchange.

Al Tayyar said it has financed the acquisition from its own resources. It has paid 10.3 million pounds to acquire the assets of the company and 4 million pounds to shore up Elegant Resorts’ working capital. The financial impact of the acquisition will appear in the second quarter of 2014.

The agreement was signed with Thomas Cook on Feb 6 in London, the company added.

Elegant Resorts, a tour operator which was founded 25 years ago in Britain, organizes vacation packages in Europe, Britain, Asia and the Caribbean.