Egyptian billionaire Samih Sawiris, through his Raiffeisen Touristik Group, has acquired the Thomas Cook franchise in Germany.
According to the acquisition, hundreds of travel agencies have moved to Sawiris to become one of the largest travel entrepreneurs in Germany, according to Handelsblatt.
Sawiris owns 74.9% of the Raiffeisen Touristik Group, which generates around €3.5bn in sales per year. The group includes Otto brand Reiseland, Thomas Cook Netherlands, and 700 private travel agencies.
Sawiris also holds shares in the tour operator FTI from Munich. He owns one third of the company. He also took over parts of it as a co-owner three years ago.
Sawiris is looking to expand further into the tourism industry as his company is associated with the development of the hotel business. Orascom Development owns 35 hotels in Egypt, the UAE, Oman, and Switzerland. Hotel projects are also planned in Montenegro and Morocco.