Fairfax Financial Holdings has entered into an agreement with UK’s Thomas Cook (TC) Group to acquire 77% interest in Thomas Cook (India) for Rs50 per share totalling to nearly Rs8.17bn ($150m).

Subject to customary conditions, the transaction also requires approval by Thomas Cook’s shareholders and the Indian regulatory body.

Commenting on Fairbridge Capital’s inaugural acquisition in India, Fairfax Chairman and Chief Executive Officer Prem Watsa said the firm look forward to a seamless ownership transition under the continued leadership of Madhavan Menon, TC India’s Chief Executive Officer, and his excellent team.

Fairbridge Capital, a wholly-owned subsidiary of Fairfax, is an investment company engaged in long-term investments and acquisitions in India.

With sales of GBP8.9bn and 22.5 million customers, Thomas Cook shares are listed on the London Stock Exchange (TCG).

Fairfax is a financial services holding company which, through its subsidiaries, is engaged in property and casualty insurance and reinsurance and investment management.