June 15, 2015 / 6:22 AM / 3 years ago

Thomas Cook forms China joint venture with Fosun

LONDON, June 15 (Reuters) - British travel agent Thomas Cook said on Monday it had agreed to set-up a joint venture with Fosun International Limited to develop domestic, inbound and outbound tourism activities for the Chinese market under Thomas Cook brands.

The joint venture will be 51 percent owned by Fosun and 49 percent by Thomas Cook.

The companies will make a combined cash contribution to the joint venture of 1.6 million pounds ($2.5 million) to support the initial start-up phase, of which Thomas Cook will contribute about half. ($1 = 0.6437 pounds) (Reporting by James Davey; editing by Kate Holton)

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