Triton in talks with Thomas Cook over offer for Nordic arm
Thomas Cook Group has been approached by buyout firm Triton about a potential takeover of its Nordic airline and tour operator.
Triton is in early-stage talks with the travel agent about a deal, Thomas Cook confirmed today.
Read more: Thomas Cook share price drops after agencies downgrade credit rating
The sale, which would see Thomas Cook offload its business in Denmark, Finland, Norway and Sweden, could reportedly be worth hundreds of millions of pounds and help the company improve its financial outlook, Sky News reported.
"The group is currently evaluating this offer alongside the ongoing strategic review of its group airline, announced in February 2019," Thomas Cook said in a statement.
"The group has received multiple bids, including for the whole, and parts, of the airline business and the board of Thomas Cook Group will consider these approaches with the aim of maximising value for all shareholders."
Triton, which is one of Europe’s largest buyout firms, bought holiday operator Sunweb five months ago, and it is unclear whether Thomas Cook’s business will be combined with Sunweb.
Thomas Cook’s Nordic business, which trades under the brands Ving, Tjareborg and Spies, employs around 20 per cent of the group’s workforce.
The struggling firm’s share price jumped more than six per cent on the news, after it plunged this morning following cuts to its credit rating.
Read more: Thomas Cook's share price is now so low it’s actually soaring
Fitch and S&P Global cut the firm’s rating to the lowest credit category, CCC+, meaning they both doubted the group’s ability to pay its debt if it was unable to sell its airline.
Last week Thomas Cook issued a fresh profit warning and reported a £1.45bn loss in its half-year results.
Triton declined to comment.