Thomas Cook - Joint venture with VAO Intourist

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Slaughter and May is advising Thomas Cook on the formation of a joint venture with VAO Intourist, in which Thomas Cook will acquire a 50.1 per cent. stake for a maximum consideration of US $45 million (subject to an adjustment for net debt and working capital), with options to acquire the remainder of the shares in the joint venture. The joint venture includes Intourist's outbound, inbound and domestic tour operating divisions as well as its retail travel operations.

ALRUD advised on Russian law.

Tim Pharoah (partner), Alex Dunn (associate), Chris Neubauer (associate); IP/IT: Cathy Connolly (partner), Jordina James (associate); Tax: Graham Airs (partner), John Meehan (associate)