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Samih Sawiris acquires Thomas Cook’s German franchise network

Samih Sawiris acquires Thomas Cook’s German franchise network
Sawiris owns 74.9% of Raiffeisen Touristik Group

Cairo – Mubasher: Raiffeisen Touristik Group, majority owned by the Egyptian billionaire Samih Sawiris, has acquired the German franchise network of Thomas Cook, Handelsblatt reported. 

Sawiris owns 74.9% of Raiffeisen Touristik Group which generates EUR 3.5 billion in annual sales in Germany, according to the newspaper.  

The Egyptian mogul also owns shares in Munich-based tour operator FTI Group.

In September, the UK travel agency Thomas Cook announced that it has gone bankrupt, stranding hundreds of thousands of vacationers worldwide.