COX & KINGS DIVESTS MAJORITY STAKE IN LATEROOMS AND SUPERBREAK
Cox & Kings Ltd. (‘C&K’) has sold 100% of LateRooms UK Ltd. to Malvern Enterprises UK Ltd. (‘Malvern’) for GBP 20.0 million. C&K’s 65.58%-owned subsidiary, Holidaybreak Ltd. (‘Holidaybreak’), has sold 100% of its Superbreak business to Malvern in a transaction whereby Holidaybreak received a net cash consideration of GBP 9.25 million. The proceeds were used to pay off debt. C&K has bought a 49% stake in Malvern for GBP 6.37 million. Malvern is 51% owned by a reputed Europe-based private equity investor.
The transaction will enable Malvern to independently follow its own strategic growth path in the underpenetrated city-breaks market within the online package-tour space. Brands Superbreak and LateRooms are likely to gain substantially from a unified management team under the strategic guidance of the private equity investor and C&K.
You might also like
Thailand: The Ultimate Golf Paradise
Every year, a whopping 600,000 visiting golfers criss-cross this golfing paradise to try their hand in some of the 300-odd designer golf courses dotting in Thailand, as the Thailand cake
New owners of Air India to get planes and $5 Billion of debt
Selling a majority stake in the loss-making, 85-year-old company isn’t going to be a cakewalk. At least one attempt almost two decades ago failed amid fierce political opposition. India is
ITDC bags contract for its first private infrastructure project
India Tourism Development Corporation (ITDC) has bagged its first ever private infrastructure project as it signed an MoU with a Hyderabad-based firm for developing a mega tourism destination project in
