TBO Tek to acquire US-based Classic Vacations for $125 Mn

Travel distribution platform TBO Tek Limited has announced that its step-down subsidiary TBO LLC will acquire Classic Vacations LLC, a US-based luxury travel company, for up to $125 million in an all-cash deal.

According to regulatory filings, TBO Tek will extend an inter-corporate loan of up to Rs 350 crore ($40 million) to its wholly owned subsidiary Tek Travels DMCC, which will support funding for the acquisition. The company has also approved the issuance of a letter of comfort and corporate guarantee in favour of Catalyst Trusteeship, backing…