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Thomas Cook to be bought by China’s Fosun group

China’s Fosun Tourism Group would acquire Thomas Cook and related hotel brands for 11 million pounds to expand its presence in the tourism business.

The assets of the British travel firm include trademarks, domain names, software applications, and licenses. The tourism group would not buy overseas assets or businesses related to Thomas Cook for the time being.

The world’s oldest travel firm, Thomas Cook, collapsed in late September due to heavy debt.

The largest shareholder of the former LSE-listed Thomas Cook is Fosun Tourism. They had Offered to contribute 450 million pounds in August in return for a majority stake.

This plan could not be executed after Thomas Cook failed to secure further funds demanded by its lenders.