CCI gives nod to Rs 870 cr Thomas Cook-Sterling Holiday deal

March 07, 2014 21:23

The Rs 870 crore-deal involving the merger of Sterling Holiday Resorts with travel firm Thomas Cook (India) has received the Competition Commission's approval.

Approving the multi-structured deal, fair trade regulator CCI said the deal is not likely to have an adverse impact on competition in the country.

Under the deal, Chennai-based Sterling Holiday Resorts' (India) resorts and some other business would be transferred to Thomas Cook Insurance Services, a subsidiary of Thomas Cook (India). Further, Thomas Cook would issue certain equity shares of the subsidiary to Sterling Holiday's shareholders.

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