TBO Tek‘s wholly owned step-down subsidiary -- TBO LLC has successfully completed the acquisition of 100% ownership interest in Classic Vacations, LLC (Target) in accordance with the terms of the Securities Purchase Agreement. Pursuant to this closing, Classic Vacations, LLC has now become a wholly owned subsidiary of TBO LLC and a material step-down subsidiary of TBO Tek.
The total consideration for the acquisition was $125 million (closing consideration amounting to $110.36 million and closing adjustments amounting to $14.64 million), funded through a mix of inter-corporate loan extended to Tek Travels DMCC, internal accruals, and credit facilities backed by corporate guarantees.
This acquisition marks a significant step in the company’s inorganic growth strategy and strengthens its presence in the US luxury travel space through the Target’s extensive network of high-value travel advisors, partnerships with leading consortia, and premium travel supply access.
TBO Tek is a travel distribution platform that offers travel inventory according to the needs of its customers and supports a wide range of currencies along with forex help.
