Cox and Kings acquires Australian travel firms

Mumbai-based travel firm Cox and Kings India Ltd's, wholly-owned subsidiary Cox and Kings Australia Pty Ltd has acquired 100 per cent equity stakes in Australian firms MyPlanet Australia Pty Ltd and Bentours International Pty Ltd.

The transaction was carried out through share sale agreements with First Choice Holdings Australia Pty Ltd, a European tourism group and part of TUI Travel Plc.

This is the second Australian acquisition of Cox and Kings in a year's time following its acquisition of another Australian firm Tempo Holidays for $25 million in November. According to the company, the acquisition of MyPlanet will strengthen products and retail distribution presence of Tempo Holidays.

"It brings synergies between the business models of both the companies that helps in consolidating costs, resources and technology. It also brings greater brand value in the Australian market," Cox and Kings said in a statement.

Meanwhile, according to a senior company executive, the travel operator is looking for acquisitions in the travel space even as it is about to expand its domestic and international business in the coming year.

Cox & Kings India chief financial officer, Anil Khandelwal, said the company had earmarked Rs150 crore for buyouts, from the Rs510 crore it raised through an initial public offer. He added that this would not just be in the domestic front but also in the international segment.