Fairfax-controlled Quess to acquire 49% in Qatar-based TSQ

Quess Corp Ltd, a subsidiary of tour operator Thomas Cook (India) Ltd, has struck a deal with Transfield Services (Qatar) WLL (TSQ) to acquire 49 per cent stake in the company for an undisclosed amount, according to a stock market disclosure. The deal is subject to statutory and regulatory approvals.

Post acquisition, TSQ will become a local vehicle for the industrial asset management division of Quess Corp.

Founded in 2001, TSQ mainly operates in the oil and gas market in Qatar. The firm also provides operational, maintenance, asset management and project management services and caters to energy, industrial, infrastructure, property and defence sectors. It employs 19,000 people across 18 industries and 10 countries.

Early this year, IKYA Group, which is owned by Thomas Cook, rebranded itself as Quess Corp Ltd. It was acquired by Thomas Cook in early 2013 for Rs 256 crore. The deal marked an exit for India Equity Partners (IEP), which invested in IKYA back in 2008.

IKYA was founded by serial entrepreneur Ajit Isaac, who sold PeopleOne Consulting to Swiss staffing giant Adecco in 2004.

Quess provides services under four verticals - global technology, industrial asset management, integrated facilities management and people & services. It currently has 1,00,000 employees and operates in 32 cities in India, North America, Middle East and Southeast Asia.

This is its second acquisition this year. In February, Quess inked a deal to acquire NYSE-listed Aramark's Mumbai-based facility management arm for an undisclosed amount.

Last year in June, IKYA acquired Chennai-based Hofincons Infotech & Industrial Services from Australian firm Transfield Services for an undisclosed amount.

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