Travel-tech platform TBO Tek Ltd, backed by US-based private equity firm General Atlantic, has acquired the online business of Spain's Jumbo Tours Group.
“This acquisition will give us not only access to Jumbo’s clientele but quality content from across prime destinations in Europe right down to the Caribbean,” TBO co-founder Gaurav Bhatnagar said in a statement Tuesday.
The acquisition is valued at 25 million euros ($27.4 million), according to TBO’s draft red herring prospectus that it filed with the Securities and Exchange Board of India in November to float its initial public offering.
TBO said the purchase will help the company increase its presence in the European market. This also reflects the growth plans that TBO has set globally as it continues to step up investments in the travel and tourism sector, it said.
The company also said the deal involves its wholly owned subsidiary Tek Travels DMCC acquiring Jumbonline Accommodations & Services S.L.U., which has been demerged from Jumbo Tours Group.
Jumbo Tours offers services to tourism operators and travel agencies worldwide. The Jumbonline business distributes a range of products for wholesalers and tour operators on a single platform.
The acquisition comes two months after General Atlantic acquired a minority stake in TBO Tek in October through a secondary deal with PE firm Affirma Capital.
TBO Tek, initially known as Tek Travels Pvt. Ltd, was founded in 2006 by Gaurav Bhatnagar and Ankush Nijhawan.
