TBO Tek gains after its arm completes acquisition of 100% stake in Classic Vacations, LLC
TBO Tek is currently trading at Rs 1542.70, up by 20.80 points or 1.37% from its previous closing of Rs 1521.90 on the BSE.
The scrip opened at Rs 1580.60 and has touched a high and low of Rs 1580.60 and Rs 1531.35 respectively. So far 608 shares were traded on the counter.
The BSE group 'A' stock of face value Rs 1 has touched a 52-week high of Rs 1844.55 on 06-Jan-2025 and a 52-week low of Rs 985.70 on 07-Apr-2025.
Last one week high and low of the scrip stood at Rs 1580.60 and Rs 1465.80 respectively. The current market cap of the company is Rs 16751.84 crore.
The promoters holding in the company stood at 44.41%, while Institutions and Non-Institutions held 49.30% and 6.30% respectively.
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.
