Cox & Kings (CKL) has entered into a binding agreements with Citi Venture Capital International (CVCI Private Equity) to acquire a significant minority stake in CKL’s wholly owned subsidiary, Prometheon Holdings (UK).
Earlier in May 2012, the company’s board approved raising additional capital of up to $140 million in Prometheon, following which CVCI Private Equity has agreed to invest $137.75 million in Prometheon.
The investment proceeds will be largely used to retire part of the debt raised by Prometheon for the Holidaybreak acquisition. Further, the completion of the transaction is subject to the fulfillment of customary conditions including receipt of regulatory approvals.
Cox & Kings is one of the oldest and recognized holiday brands that cater to the overall travel needs of an Indian and International traveller. It is one of the India’s largest tour and travel operator that serve as a ‘One Stop Shop’ for all travel and travel related products.
