August 5, 2019 |
CVC Brasil said that its subsidiary Submarino Viagens has presented a binding offer to buy the Argentine travel and tourism business Almundo for $77m, not including debt.
Submarino and Almundo are in exclusive talks and have 90 days to reach an agreement, CVC said in a securities filing. Submarino plans to pay cash upon closing the deal, CVC added. Spain's Iberostar became Almundo's largest shareholder in July 2015.
The takeover offer falls in line with Submarino's "strategy for international
Brazilian travel company offers $77m to acquire Almundo from Spain's Iberostar