CVC tries to buy Argentine travel agent

CVC tries to buy Argentine travel agent

M&A Equity Corporate & Sovereign Strategy Argentina Brazil Europe

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 ex

Already have an account?

Free trial

Take a free two-week trial now for the latest news, data and market analysis.

Free Trial