Shearman & Sterling Represents Fairfax Financial Holdings' Subsidiary, Fairbridge Capital, in £94 million Acquisition of 77% of Thomas Cook India

23 May 2012

Shearman & Sterling is advising Fairbridge Capital in its purchase of Thomas Cook Group plc's entire 77% stake in its Indian operations, Thomas Cook (India) Limited, for 50 Rupees per share. At current exchange rates the deal is valued at around £94 million.

Fairbridge Capital is an investment company engaged in long-term investments and acquisitions in the Indian region and is a wholly-owned subsidiary of Fairfax Financial Holdings Limited, a Toronto-based financial services holding company with a global presence in insurance and reinsurance and a portfolio of assets in excess of $30 billion invested worldwide.

Under the terms of the transaction Fairbridge Capital will have the right to use the Thomas Cook brand name for 12.5 years.

The Shearman & Sterling team of lawyers in London included M&A partner Laurence Levy, assisted by M&A associate Milan Thakker and intellectual property lawyer Mark Robinson. Partner Ian Harvey-Samuel and associate Katerina Rainwood advised on finance and structuring related matters, with counsel Simon Letherman and associate James Leslie assisting on tax issues. Associate Blake Spencer and trainee Savas Manoussakis also provided further M&A support to the team.

The sale is expected to be complete by August 2012, and is subject to (amongst other matters) approval by Thomas Cook's shareholders.

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