|
Dec 12, 2005
International
leisure travel company First Choice is continuing its bid for a bigger slice of
the travel market with two major acquisitions. The company is penetrating the premium
escorted tours market with the purchase of Grand Expeditions from North Castle
Partners (a US
private equity fund) for a total consideration of £54M. Grand Expeditions is a
US-based leisure travel group specializing in premium leisure travel
experiences.
First Choice has also
agreed to acquire INTRAV, Inc., a US-based leisure travel group specializing in
small ship adventure travel, European river cruises, private jet expeditions
and premium escorted tours worldwide, from Kuoni Holding Delaware, Inc. for a
total consideration of £37m (US$65m). As part of the acquisition First Choice
will acquire four ships, two high specification expedition cruise ships and two
coastal cruising ships. Completion of the acquisition will occur in January
2006.
|
