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Citi Venture Capital International (CVCI), the private equity arm of Citigroup Inc., will invest $137.75 million for a minority stake in Prometheon Holdings (UK) Ltd.
Prometheon Holdings is a subsidiary of travel firm Cox and Kings Ltd.
However, the size of the stake was not disclosed.
The investment proceeds will be largely used to retire a part of the debt raised by Prometheon for the Holidaybreak acquisition, the Mumbai-based travel firm said in a statement.
Completion of the transaction is subject to regulatory approvals, Cox and Kings said.
In September 2011, Prometheon acquired UK-based Holidaybreak for £311.4 million.
Sunil Nair, Managing Partner, CVCI Private Equity, said: “We expect Holidaybreak to benefit from synergies arising from its association with Cox and Kings. This investment is part of CVCI’s strategy of leveraging cross-border capabilities to back companies from emerging markets as they expand their global presence.”
nivedita.ganguly@thehindu.co.in
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