Tour operator Thomas Cook India will merge with Sterling Holiday Resorts Ltd in a deal valued at Rupees 8.70 crore (US$ 140 Millions) said on Saturday in a statement. This deal will be processed in a multi-step level in which 100 shares of Sterling will be exchanged for 120 shares of Thomas Cook and the process is expected to complete by the fourth quarter of 2014.

This deal was pending over six weeks and the final call was taken on Friday night said Madhavan Menon, Managing Director of Thomas Cook. This merger will give Thomas Cook access to Sterling Resorts properties which has 19 resorts in 16 holiday destinations across India.

(AW: Vamshi)