Cox & Kings to get $138 mn funding from Citi venture fund

Indian tour operator Cox & Kings said on Wednesday Citigroup’s venture capital arm will invest $137.75 million in its UK unit, sending its shares up 8.2 percent.

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The funds will be used to retire the debt Prometheon Holdings, Cox & King’s U.K unit, raised when it bought British specialist travel company Holidaybreak last July.

The company, the parent of UK-based unlisted Cox and Kings, gets around half its overall revenue from its international operations and has been looking at overseas acquisitions to tap the booming outbound market and drive future earnings growth.

Reuters