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

EntrackrEntrackr · 15d ago
TBO Tek to acquire US-based Classic Vacations for $125 Mn
Medial

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 credit facilities of up to $70 million from Standard Chartered Bank to TBO LLC. Classic Vacations, founded in 2005, operates in the luxury tours and travel segment across the United States. It reported net sales of $111 million in 2024 and has a strong network of high-value travel advisors, deep ties with US consortia, and access to premium travel supply. TBO Tek said the acquisition is part of its global expansion strategy to strengthen its presence in the US luxury travel market. Post-acquisition, Classic Vacations will become a wholly owned subsidiary of TBO LLC and a material step-down subsidiary of TBO Tek. The deal is expected to close in the first week of October 2025, subject to customary closing conditions. TBO Tek’s operating revenue increased by 22% to Rs 511 crore in Q1 FY26 from Rs 418 crore in Q1 FY25. During the period, it posted a marginal 3% increase in its profits to Rs 63 crore.

TBO Tek adds fresh ESOPs worth Rs 44 Cr

EntrackrEntrackr · 1y ago
TBO Tek adds fresh ESOPs worth Rs 44 Cr
Medial

Online B2B travel distribution platform Travel Boutique Online (TBO) has added fresh employee stock options (ESOP) for its employees under its existing ESOP plans. The Nomination and Remuneration Committee at Travel Boutique Online has approved a special resolution to grant 2,44,500 employee stock options to its existing plan, its regulatory filing accessed through the National Stock Exchange (NSE) shows. Newly added ESOPs have a minimum vesting period of 1 year and the company fixed the exercise price at Rs 59.96. According to Entrackr’s estimates, the freshly added ESOPs are worth around Rs 44 crore or $5.3 million. Founded in 2006, TBO streamlines the travel industry for suppliers like hotels, airlines, car rental services, transfers, insurance providers, cruises, railways, and other vendors. For buyers, TBO facilitates the discovery and booking of travel across a wide range of destinations and segments worldwide. TBO Tek debuted on the stock exchange in May this year, with an IPO valued at Rs 1,550. This amount includes Rs 400 crore from fresh issues, while the remainder comes from an Offer for Sale (OFS) by selling 1.25 crore shares. Travel Boutique Online showcased robust financial health in the previous fiscal year (FY24), with revenue increasing by 30.8% to Rs 1,393 crore and profits rising to Rs 201 crore during the same period. The company is yet to file its first quarter result for the current fiscal year. The company is currently trading at Rs 1,801 per share (as of 4:30 PM on July 15) with a market capitalization of Rs 19,557 crore or $2.35 billion.

Thyrocare acquires Polo Labs' pathology diagnostic biz

EntrackrEntrackr · 1y ago
Thyrocare acquires Polo Labs' pathology diagnostic biz
Medial

Thyrocare, a diagnostic and preventive healthcare service provider, has acquired the pathology diagnostic business of Polo Labs. This strategic acquisition aims to expand Thyrocare’s footprints into the Northern part of India. Thyrocare was acquired by API Holdings on Jun 25, 2021 at an acquisition amount of $613M. It has raised $63.6 million till to date. Polo Labs is a pathology laboratory in north India which to provide affordable, and accessible diagnostic services with 14 laboratories in cities of Punjab, Haryana, Himachal Pradesh & Jammu & Kashmir. The laboratory leverages modern, efficient and technology equipment to deliver to the quality requirements and expectations of its clients. According to Thyrocare, the acquisition will align with its overall business strategy in the healthcare sector, which focuses on enhancing diagnostic capabilities and extending its reach across India. Founded by Arokiaswamy Velumani,Thyrocare is a fully automated diagnostic laboratory with a focus on providing quality reports at affordable costs to laboratories and hospitals in India and other countries. The Mumbai-based company claims to have presence in more than 2,000 cities domestically and internationally.

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