Cox & Kings sells 11.58% stake in subsidiary

New Delhi: Holidays and education travel group Cox & Kings Ltd announced on Thursday that its 100% subsidiary Prometheon Enterprises Ltd (PEL) has sold 11.58% stake in Prometheon Holdings (UK) Limited (PHUK) to an investee company of SSG Capital Management.

PEL earlier held 65.58% of PHUK, which houses the education and hybrid hotels businesses. Post stake sale, Cox & Kings will hold 54% of PHUK through PEL while SSG Capital will hold 46%. In November 2017, SSG Capital had bought The Rohatyn Group’s (TRG) entire stake of 34.42% in PHUK. The company will receive $ 75.6 million after transaction expenses and tax which translates to Rs 450 crore.

Peter Kerkar, group CEO, Cox & Kings said: “In continuation with our efforts to unlock value across businesses we have divested 11.58% stake in PHUK to SSG Capital. We consider SSG as a strong partner and look forward to leveraging their position and working together to enhance value of education and hybrid hotels businesses”.


Cox & Kings currently operates under three verticals-leisure, education and hybrid hotels.

PHUK's hotel brand Meininger currently operates more than 10,300 beds across 20 hotels in 12 European cities.