Ionic Invest and Thomas Cook Group plc (LSE:TCG) entered into an agreement to acquire Biblio Globus for $150 million on March 22, 2019. Pursuant to the terms of agreement, the initial consideration is $10 million. Thomas Cook will acquire 30% stake and will pay $3 million on completion. Cash consideration of another $10 million is payable in January 2020 and the remaining consideration will be paid as an earn out payment depending upon achievement of three-year operating profit targets. The earn-out payment will be wholly satisfied through internally-generated cash flows. The existing management team will be retained. The transaction is subject to certain conditions precedent and receipt of customary regulatory approvals and is expected to complete by the end of May 2019. Ionic Invest and Thomas Cook Group plc (LSE:TCG) completed the acquisition of Biblio Globus on March 22, 2020.