Thomas Cook India Group announces acquisition of Digiphoto Entertainment Imaging (DEI)

Thomas Cook India Group announced its acquisition of a 51% stake in Digiphoto Entertainment Imaging (DEI) at an enterprise value of $40.6 million (Rs 289 crore). Thomas Cook said the transaction is subject to regulatory approvals and customary closing conditions.

The company said the acquisition is both PAT and free cash accretive from day one.

Established in 2004, Digiphoto Entertainment Imaging has offices in Singapore, Dubai, Mumbai, Orlando, Hong Kong and Kuala Lumpur. DEI focuses on imaging solutions for the attractions industry and has a network of over 120 partners. DEI is present at more than 250 venues spanning over 14 countries (Singapore, UAE, Hong Kong SAR, Macau SAR, China, USA, Malaysia, Thailand, Indonesia, Mauritius, Maldives, Egypt, India and Kuwait), and completed 3.6 million transactions in 2018.


DEI’s partner attractions include waterparks, theme parks, aquariums, towers and resorts, including iconic attractions in Singapore (Universal Studios Singapore, Marina Bay Sands, Singapore Zoo), Hong Kong (Ngong Ping 360), Macau (Macau Tower, The Venetian, Macao), the UAE (At The Top Burj Khalifa, Ski Dubai, Wild Wadi Waterpark, Warner Brothers, Ferrari World), Malaysia (Petronas Twin Towers, Resorts World Genting), China (Atlantis Sanya, Chimelong Safari Park), India (Ramoji Film City, Imagica, Wonderla Holidays Ltd.), and Maldives (Taj Exotica, W Retreat & Spa, Shangri-La Villingili).

In 2017, DEI launched KlassAkt, its school photography arm, and has partnered with more than 90 schools across the UAE and India, including the GEMS group of schools in the UAE, the Oberoi International School, Jamnabai Narsee International School and Aditya Birla World Academy in Mumbai, India.

"We have taken a 51% stake in the company. We bought out the original promoters and we value the company at an enterprise value of $ 40.6 million and the price we have paid is an EBITDA multiple of 6.8x," said Madhavan Menon, chairman and managing director at Thomas Cook India.

He added: "With the growing demand for experiential travel and social sharing, DEI’s partnerships with iconic attractions, theme parks, water parks and resorts will further enhance our travel services portfolio in line with our philosophy of creating long term shareholder value.”