Travel giant Thomas Cook has bought back its former businesses in India and the Middle East.

The company agreed to buy up to 74.9% of Thomas Cook India and 100% of Thomas Cook's branded businesses in Egypt. It has also purchased the licenses for the Thomas Cook brand in a total of 15 Middle East countries.

Thomas Cook is purchasing the businesses from Dubai Financial for between €208 and €249 million in cash, subject to the outcome of an open offer process.

Thomas Cook said the acquisition is in line with its strategy to expand into emerging markets that represents 'great growth potential' as well as strengthening its financial services business.

'The acquisitions allow Thomas Cook to capitalise on the anticipated strong growth and development of the Indian economy, which we expect to be mirrored by even stronger growth in travel,' said chief executive Manny Fontela-Novoa.

Shares were off 9p, or 3% in early trade to 289 pence.