(MENAFN) Chinese firm Fosun International announced it had acquired a 5 percent stake in UK-based tour operator Thomas Cook in its latest foray into the travel market, The Peninsula Qatar reported.
The company bought the stake, worth USD140 million, at USD136.12 per share. The move comes less than a month after it snapped up 92.8 percent of French holiday resort group Club Med.
"The Group intends to purchase further Thomas Cook shares on the open market at the appropriate time," the statement said, adding that the company was seeking to take its stake to around 10 percent.
Privately-owned Fosun, which is based in Shanghai and controlled by Chinese billionaire Guo Guangchang, is a diversified conglomerate with interests ranging from media to pharmaceuticals and mining.
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