A merger is to take place between Thomas Cook and The Co-Operative, creating the largest high-street travel agency in the UK.
The merger, set to go ahead in December, will create a company with 1,200 travel agencies and foreign exchange outlets across the UK, although job losses are expected as a result of the deal.
No money will exchange hands through the deal, with Thomas Cook holding 70 percent of the company and The Co-Operative set to hold 30 percent, with cost savings of £35m set to be made through job cuts.
Thomas Cook's Going Places shops will be rebranded Co-operative Travel under the agreement.
Manny Fontenla-Novoa, Thomas Cook's chief executive, will head up the newly formed business, which will be headquartered in Peterborough.