Cox & Kings to sell stake in UK arm for $138 m

Nivedita Ganguly Updated - March 12, 2018 at 01:55 PM.

Citi Venture Capital International (CVCI), the private equity arm of Citigroup Inc., will invest $137.75 million for a minority stake in Prometheon Holdings (UK) Ltd.

Prometheon Holdings is a subsidiary of travel firm Cox and Kings Ltd.

However, the size of the stake was not disclosed.

The investment proceeds will be largely used to retire a part of the debt raised by Prometheon for the Holidaybreak acquisition, the Mumbai-based travel firm said in a statement.

Completion of the transaction is subject to regulatory approvals, Cox and Kings said.

In September 2011, Prometheon acquired UK-based Holidaybreak for £311.4 million.

Sunil Nair, Managing Partner, CVCI Private Equity, said: “We expect Holidaybreak to benefit from synergies arising from its association with Cox and Kings. This investment is part of CVCI’s strategy of leveraging cross-border capabilities to back companies from emerging markets as they expand their global presence.”

nivedita.ganguly@thehindu.co.in

Published on August 22, 2012 09:18