Cox & Kings selling camping unit under Holidaybreak to French firm Homair for $149M

The Aurum Perspective – Is it a good idea to have leverage-buyouts in order to fulfil your  growth aspirations?

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Two years ago CVCI invested $137.75 million in Cox & Kings’ unit Prometheon, part of which was used to repay debt taken to acquire Holidaybreak.

Mumbai-based Cox and Kings Ltd has struck a deal to sell the camping division of UK-based education and activity travel arm Holidaybreak Ltd to French firm Homair Vacances for £89.20 million (Rs 882.8 crore or $149 million), as per a stock market disclosure.

The completion of the deal is subject to regulatory approvals and is expected in three months.

Homair Vacances will pay £85.5 million ($143.19 million) in cash on completion and £3.7 million ($6.19 million) is deferred relating to a tax refund.

The camping division provides outdoor family holidays on over 170 third-party owned campsites across 12 European countries.

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