India’s Cox & Kings has sold its entire 100% stakes in UK-based booking site LateRooms and short-break operator Superbreak.
UK-based Malvern Enterprises has purchased LateRooms from Cox & Kings for GBP20 million (US$28.4m), while Superbreak has been bought by Malvern from the Indian company’s subsidiary, Holidaybreak, for GBP9.25m.
And as part of the deal, Cox & Kings has taken a 49% stake in Malvern for GBP6.37m. The remaining 51% stake in Malvern is held by a European private equity company.
All three transactions are effective immediately and Mumbai-based Cox & Kings said the proceeds from the sales will be used to pay off its debts.
In a statement, Cox & Kings said the transaction will enable Malvern to “independently follow its own strategic growth path in the underpenetrated city-breaks market within the online package-tour space”.