Acquisitions3 Sept 2025, 02:02 am
TBO TEK Ltd Approves Acquisition of Classic Vacations LLC for USD 125 Million
AI Summary
TBO TEK Ltd has approved the acquisition of 100% ownership interest of Classic Vacations LLC for a consideration of up to USD 125,000,000. The acquisition will be funded through an inter-corporate loan of up to INR 350,00,00,000 from TBO TEK Ltd to its wholly owned material subsidiary, Tek Travels DMCC. The company will also issue a letter of comfort and subsequently a corporate guarantee in favour of Standard Chartered Bank for credit facilities of up to USD 70,000,000 to TBO LLC. The acquisition is part of the company's expansion plans for inorganic growth and is expected to be completed in the first week of October 2025.
Key Highlights
- TBO TEK Ltd to acquire 100% ownership interest of Classic Vacations LLC for up to USD 125,000,000
- Funding for the acquisition to be provided through an inter-corporate loan of up to INR 350,00,00,000 from TBO TEK Ltd to Tek Travels DMCC
- Letter of comfort and corporate guarantee to be issued in favour of Standard Chartered Bank for credit facilities of up to USD 70,000,000 to TBO LLC
- Acquisition is part of the company's expansion plans for inorganic growth
- Expected to be completed in the first week of October 2025