KKR and Carlyle Bid for Thomas Cook Indian Unit

Tour operator Thomas Cook has received at least eight bids, including private equity firms Kohlberg Kravis Roberts and Carlyle Group, for buying the company’s stake in its Indian unit, writes Reuters. The UK-based company last month said it planned to sell its 77 percent holding in Thomas Cook (India) to help bring down debt.

Reuters – Tour operator Thomas Cook has received at least eight bids, including from private equity firms Kohlberg Kravis Roberts and Carlyle Group, for buying the company’s stake in its Indian unit, the Business Standard reported on Thursday.

The British company last month said it planned to sell its 77 percent holding in Thomas Cook (India) to help bring down its debt.

UK-based Travelex along with India’s Muthoot Finance , China’s HNA Group and Bravia Capital of Hong Kong have also submitted proposals for the holding, the Indian newspaper said, citing an industry source.

Others in the race to acquire the Indian unit, which has a market value of $264.3 million, include Everstone Capital, T A Associates and Actis, it said.

A final decision on the bids will be taken by July-August after a two-stage selection process, the paper said, citing an unnamed company official.

Thomas Cook officials could not be immediately reached for a comment.

Shares in Thomas Cook (India) were up 4 percent at 66.8 rupees at 0430 GMT in a subdued Mumbai market, taking gains this year to more than 89 percent.