ManagementCox & 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.
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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.