Thomas Cook Group has enlisted three international banking groups, namely Credit Suisse, Morgan Stanley, and Bank of America Merrill Lynch to facilitate the potential sale of the holding's airline business, Irish public broadcaster RTE has reported.
The tour operator is exploring the divestment from the airline business in part or in whole in order to boost the group's financial situation. Potential proceeds would then be invested in the group's hotels and digital services.
Thomas Cook's airline business includes Condor (DE, Frankfurt International), Thomas Cook Airlines UK (Manchester International), Thomas Cook Airlines Balearics (Palma de Mallorca), Thomas Cook Aviation (Frankfurt International), and Thomas Cook Airlines Scandinavia (Copenhagen Kastrup).
According to an analyst quoted by RTE, the group could net GBP500-600 million pounds (USD650-775 million) from the sale of all its airline units.
