Thomas Cook India Group said on Monday it has acquired a 51 per cent stake in Digiphoto Entertainment Imaging (DEI), an imaging solutions and services provider, at an enterprise value of ₹289 crore.

“The transaction is subject to regulatory approvals and customary closing conditions,” the company said in a statement.

DEI has a network of over 120 partners, and is present in more than 250 venues, spanning 14 countries. It completed 36 lakh transactions in 2018.

The company partners with key tourist attraction operators, such as waterparks, theme parks, aquariums, towers and resorts, offering tourists customised photo souvenirs.

In India, DEL has partered with Ramoji Film City, Imagica and Wonderla Holidays.

Madhavan Menon, CMD, Thomas Cook (India), said: “Our acquisition of DEI…presents the Thomas Cook India Group an opportunity to participate in an exciting new business space, adjacent to our core travel services portfolio that is both PAT and free cash accretive from day one….We see an immediate opportunity for our outbound customers from India and Hong Kong, as well as our inbound and DMS (destination management specialist) customers across our global network.”

KS Ramakrishnan, founder CEO and President of DEI, said: “Our synergy with Thomas Cook India Group in the travel and tourism ecosystem strengthens DEI’s position in our existing markets whilst giving us immense reach to expand.”