Mahindra Holidays & Resorts India has signed an acquisition agreement with Holiday Club Resort Oy, Finland. Mahindra Holidays will initially acquire 18.8 per cent with an initial investment of EU 13 million and the total acquisition will be completed by September 2016.
Speaking about the investment, Arun Nanda, chairman, Mahindra Holidays, said, “This acquisition is an opportunity to widen our international footprint in Europe. This will be a progressive acquisition and as of now we are completing 18.8 per cent of the deal. We are excited at the prospect of expanding in Europe and the Middle East along with Holiday Club. With the completion of this deal, Mahindra Holidays will have a total of 73 resorts.”
The initial acquisition will be completed in a month’s time. Holiday Club Resorts Oy is a vacation ownership company in Europe with 32 resorts out of which 24 are located in Finland, two in Sweden and six in Spain.
Mahindra Holidays at present has a total of 41 resorts. Through this acquisition Mahindra Holidays will now, also have three golf courses, five indoor theme parks and seven indoor waterparks which is a first for the vacation ownership company.
Vesa Tengman, chief executive officer, Holiday Club, said, “We are extremely excited to have a new shareholder with such a good reputation in vacation ownership industry.
We are excited about the various development opportunities and synergies that the collaboration of two market leaders will bring about.”