Thomas Cook: £38million cash proceeds from sale of interests in The Airline Group, shareholder in UK air traffic controller NATS

“I am delighted to report yet more progress in our transformation of Thomas Cook. Delivering on our previously announced commitment to realise value from non-core businesses, this sale represents an important milestone in our disposal and debt reduction plans, contributing £38 million towards our target to generate between £100 million and £150 million in gross proceeds by FY15. It also enables us to intensify our business focus on the further delivery of our profitable growth strategy, which we look forward to sharing in more detail in our results announcement on 28 November.”

Harriet Green, Group Chief Executive

Thomas Cook Group plc announces today that it has agreed to sell 91.5% of its shareholding and loan note interests in The Airline Group Limited, which is a 41.9% shareholder in NATS Holdings Limited, to Universities Superannuation Scheme Limited, acting as sole corporate trustee of Universities Superannuation Scheme (“USS”).

Following the transaction, Thomas Cook Group plc will retain the balance of its stake in The Airline Group Limited. The cash consideration is approximately £38 million, which will be used to further reduce the Group’s debt.

The transaction is expected to complete during the first quarter of calendar year 2014. Completion is subject to clearance from the European Commission.