Mahindra Holidays and Resorts India recently announced its decision to increase stakes to 88% in Holiday Club Resort Oy Finland (HCR), as reported by Financial Times.
As per company records, Mahindra Holidays currently owns 23.3% stake in HCR while the management and employees hold the remaining 12%. However, in the second acquisition phase, the company acquired a total of 64.7% with an investment of EUR 28 million.
Arun Nanda, chairman, Mahindra Holidays said: “The recent acquisition will make Mahindra Holidays the largest vacation ownership company based outside the United States. We now also have a strategic platform to grow in Europe and Middle East. The current acquisition is subject to regulations. In the next two months probably all the approvals will be completed and the deal will be closed.”
Holiday Club Resorts Oy is a vacation ownership company in Europe with 32 resorts out of which 24 are located in Finland, two in Sweden and six in Spain.