Cox & Kings to sell education business

Mumbai-based tours and travel company Cox & Kings Ltd has agreed to sell its education business to UK-based private investment firm Midlothian Capital Partners for an all-cash enterprise value of £467 million (Rs 4,387 crore or $600 million) in cash. The education business comprises HB Education Ltd, a wholly owned subsidiary of European holiday specialist Holidaybreak Ltd. Cox & Kings had acquired Holidaybreak in 2011, in a deal valued at $510 million (Rs 2,260 crore then). The sale is in line with the company′s stated goal of unlocking value and maximising shareholder returns, Cox & Kings said in a stock-exchange disclosure. The transaction is subject to regulatory approvals, consents and customary closing adjustments. The deal is likely to be closed by 23 November. HB Education provides experiential learning programmes for students through residential activity centres and educational travel tours. Its programmes are curriculum-linked and help teachers improve students′ knowledge and understanding. The company′s portfolio of brands includes PGL, NST, EST, Travelworks and Studylink. Established in 2015, Midlothian Capital Partners is focussed on consumer and retail industries.