Management
Cox & Kings acquires Australian travel firm
Travel and tour company Cox & Kings today said one of its overseas arm has acquired Australia-based MyPlanet Australia Pty Ltd and Bentours International Pty Ltd for an undisclosed amount. - Global property sector M&A touched $152 bn: Dealogic - M&A activity rebound likely in "10 - India Inc partners PE funds for acquisitions - The fourth "G" of 3G - Credit Suisse appoints Boon Sim head of global M&A - Google in talks to acquire Yelp In a filing to the Bombay Stock Exchange, the Indian firm said Cox & Kings (Australia) has acquired 100 per cent stake in the unit of European tourism group TUI Travel. Cox & King (Australia) has purchased the company from TUI Travel"s First Choice Holdings Australia Pty Ltd, the filing added. Although Cox & Kings did not disclose the deal value, it said the acquisition has been done through earn-out mechanism and not from the proceeds of the initial public offer (IPO). Earn-out is a mechanism wherein a part of the acquisition cost is linked to future performance of the acquired entity and paid over a period by the buyer. The global travel and tour operator had last month raised over Rs 610 crore through an IPO, which was subscribed over six times. Shares of Cox & Kings were trading at Rs 436.90, 1.59 per cent up in the afternoon trade on the BSE.car hire commented:
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