Mahindra Holidays completes acqusition of 19% equity in Holiday Club Resorts

The company has earlier announced that it would pay euro 13 million for the stake

Mahindra Holidays & Resorts India Ltd said that the company has completed the acquisition of 18.8 per cent equity stake in Finland-based Holiday Club Resorts Oy through its wholly-owned subsidiary Covington Sarl, Luxembourg.

According to earlier reports, the company will pay euro 13 million (Rs 106 crore) for the stake, with a primary infusion of euro 3 million (Rs 24.4 crore) followed by a secondary infusion of euro 10 million (Rs 81.5 crore) for the existing shareholders. Both the parties have agreed to lock in the purchase price of the balance shares that would have to be bought before September 2016.

Holiday Club is a leading vacation ownership company in Europe having 32 resorts and around 2,800 rooms, says earlier report.