Cox and Kings Australia Pty Ltd, a wholly owned subsidiary of Mumbai-based travel firm Cox and Kings India Ltd, has acquired 100% equity stake in an Australian firm, MyPlanet Australia Pty Ltd & Bentours International Pty Ltd.
The transaction happened 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. Earlier in November last year, the company acquired another Australian firm Tempo Holidays for $25 million. The company says, MyPlanet acquisition strengthens 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,” said Cox and Kings in a statement.