Thomas Cook India Group, a leading travel services company in the country, announced that it has acquired a 51% stake in Digiphoto Entertainment Imaging (DEI), which is an imaging solutions and services company, at an enterprise value of about Rs.289 crore, which is $40.6 million.
Thomas Cook India said that this acquisition marks its entry into a sector that is adjacent and complementary to the services that it provides. Mr. Madhavan Menon, the Chairman and MD of the Thomas Cook India Group, stated that acquiring Digiphoto Entertainment Imaging will give the company an opportunity to be a part of a new business space that is adjacent to its own travel services portfolio.
He added that acquiring DEI also gives the company an opportunity to leverage its services across a total of 25 countries. Digiphoto Entertainment Imaging, which was formed in 2004, has a network of more than 120 partners. The company has a presence in over 250 venues that span a number of countries such as United Arab Emirates (UAE), Singapore, Maldives, Mauritius, India, Egypt, Kuwait, Indonesia, and Thailand. The company is said to have completed around 3.6 million transactions in the year 2018.
Digiphoto Entertainment Imaging’s partner attractions are theme parks, waterparks, resorts and towers, aquariums, and iconic attractions in Hong Kong, Singapore, Macau, Malaysia, UAE, China, Maldives, and India. In 2017, the DEI started KlassArt, which is the company’s school photography arm. To this end, DEO has also partnered with a number of schools in India and UAE.
Sources: Moneycontrol, The New Indian Express, The Economic Times