M&A
Traveltech platform TBO Tek to acquire US-based Classic Vacations for $125-M
Gurugram-based publicly listed TBO Tek is to acquire San Jose, CA (USA)-based Classic Vacations (from Phoenix-based investment firm, The Najafi Companies), for about USD 125 million.Classic Vacations reported a revenue of USD 111 million and an operating EBITDA of USD 11.2 million in the fiscal year ended Dec. 31, 2024. Moelis & Company LLC acted as exclusive financial adviser, and Ballard Spahr LLP acted as legal advisor to Classic Vacations in this transaction. Cooley LLP served as the legal advisor and PWC was the financial and tax advisor for TBO.Classic Vacations was bought by The Najafi Companies in 2021 from Expedia Group.
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