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Tour operator Cox & Kings has sold its education tour business in Europe to Midlothian Capital Partners for an enterprise valuation of Rs 43.8 billion.
The education tours business came to Cox & Kings after it acquired UK-based Holidaybreak for Rs 23 billion in 2011. Cox & Kings owns a 51 per cent stake in the business and will receive around Rs 24 billion from the sale's proceeds. The funds will be used for paring debt.
Over the past few years, the company has been downsizing its stake in Holidaybreak, which consists of education tours and Meininger hotels. In 2014, it sold the
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