Germany's largest department store operator KarstadtQuelle has announced that it has acquired Lufthansa's 50% shareholding in Thomas Cook for E.800m ($1.05bn).

The purchase of Europe's second largest travel agent gives KarstadtQuelle – the biggest operator of department stores in Germany – full ownership of Thomas Cook. At the same time, Lufthansa's stake in leisure airline Condor, part of Thomas Cook, will rise to 24.9% from 10% and KarstadtQuelle will own the rest of Condor.