Al Tayyar acquires 40% stake in Equinox Group for SAR 8 mln

13/08/2015 Argaam

Al Tayyar Travel Group Holding Co. has acquired a 40 percent stake in Equinox Group for SAR 8 million, the company said in a statement to Tadawul.

 

The agreement was signed by both companies on Thursday and the transaction is set to be financed from Al Tayyar's own resources.

 

The financial impact of the acquisition will be reflected on Q4-2015 financial statements. The relevant legal procedures are in the process of being completed.

 

The deal comes in line with Al Tayyar’s expansion strategy, which involves the vertical integration of its Hajj and Umrah services.

 

Equinox Group specializes in project consulting and asset management in the hospitality sector. It also has experience operating in Makkah, Madinah and the wider Middle East region.

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