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Cox & Kings may list education arm

UK-based investment banking firm Baird is advising Cox & Kings on the process.

, ET Bureau|
Jun 30, 2018, 11.27 AM IST
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Holidaybreak, which Cox & Kings acquired in 2011 for £312 million through its subsidiary Prometheon Holdings (UK) Ltd.
NEW DELHI: Holiday and education travel group Cox & Kings is looking at unlocking value of its education business, PGL, either through a stake sale or an initial public offering in the UK, people familiar with the matter told ET.

UK-based investment banking firm Baird is advising Cox & Kings on the process and has pegged the valuation of the business between Rs 5,000 crore and Rs 6,000 crore, they said. PGL is part of a London-based company, Holidaybreak, which Cox & Kings acquired in 2011 for £312 million through its subsidiary Prometheon Holdings (UK) Ltd.

A spokesperson at Mumbai-based Cox & Kings said the company was always looking at a liquidity event and if a valuation justified a stake sale or an IPO, the company would act in the best interests of shareholders. Baird did not respond to an email seeking comment till press time.

Besides PGL, Holidaybreak also operates brands like NST in the experiential learning space and the Meininger hotel-hostel brand.

Prometheon is the parent company of Holidaybreak. Holidaybreak’s education division provides residential outdoor education and adventure trips for schoolchildren through the PGL brand. PGL operates around 25 centres in the UK, France and Australia. Holidaybreak's other education brands include NST, a group-travel services provider to schools and colleges in the UK, and EST, which specialises in bespoke educational travel and subject specific conferences for 16+, higher and further education students.

Its budget brand Meininger operates in the hotel-hostel space in Berlin, Munich, and Hamburg besides Amsterdam, Brussels, Copenhagen, London and Milan.

In March 2018, Cox & Kings sold 11.58 per cent stake in Prometheon Holdings to SSG Capital Management, an existing investor, for Rs 450 crore to cut debt. Group CEO Peter Kerkar had said the company was looking at all opportunities to “unlock value” in its businesses.
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