Thomas Cook India Group announces its acquisition of a 51% stake in Dubai-based Digiphoto Entertainment Imaging
Thomas Cook India Group, the travel services group, has announced its acquisition of a 51 percent stake in Dubai-based Digiphoto Entertainment Imaging (DEI) in a deal worth $40.6 million.
The transaction is subject to regulatory approvals and customary closing conditions, a statement said.
Established in 2004, Digiphoto Entertainment Imaging is a technology driven company with offices in Dubai, Singapore, Mumbai, Orlando, Hong Kong and Kuala Lumpur.
DEI focuses on imaging solutions for the tourist attractions industry and is present at more than 250 venues spanning over 14 countries. It said it completed 3.6 million transactions in 2018.
DEI’s partner attractions encompass waterparks, theme parks, aquariums, towers and resorts, including iconic attractions in the UAE and across key cities in Asia.
Madhavan Menon, chairman and managing director, Thomas Cook (India) Limited said: “Our acquisition of DEI presents the Thomas Cook India Group an opportunity to participate in an exciting new business space, adjacent to our core travel services portfolio.”
He added: “With the growing demand for experiential travel and social sharing, DEI’s partnerships with iconic attractions, theme parks, water parks and resorts will further enhance our travel services portfolio in line with our philosophy of creating long term shareholder value.”
KS Ramakrishnan, founder CEO and president of DEI said: “Our synergy with Thomas Cook India Group in the travel and tourism ecosystem strengthens DEI’s position in our existing markets whilst giving us immense reach to expand. We are proud to be part of a globally renowned travel and tourism leader.”