Tour operator Cox and Kings has bought Tempo Holidays, a specialist leisure travel company based in Australia, for 25 million dollars.
The acquisition has been funded by internal accruals and offshore debt from Axis Bank.
Cox and Kings global CEO, Mr Peter Kerkar, said, “Tempo Holidays is an excellent fit for us and seeing the performance of Tempo Holidays it reinforced our belief that the Australian market is ready for an upmarket brand such as Cox & Kings. Our products would be widely distributed in Australia and New Zealand.
Tempo Holidays was founded in 1990 by Susan and Gary Hearst in 1990 as Yalla Holidays. It was rebranded in 2001 as Tempo Holidays, and offers travel arrangements in over 42 countries. It has offices in Australia as well as New Zealand.
Tempo Holidays will retain its name once the sale has been finalised.
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