HELSINKI, FINLAND (July 9, 2014) — Holiday Club Resorts Oy, the leading vacation ownership company in Europe and a significant operator in the tourism business, is expanding its ownership base. Mahindra Holidays & Resorts India Limited has acquired 18.77% share of ownership in Holiday Club Resorts Oy. The companies intend to map collaboration opportunities in Europe and make use of each other’s expertise in the development of their operations and products.
The arrangement includes a directed issue to Mahindra Holidays & Resorts and purchase of part shares from existing owners. The new shareholder will participate in the board operations of Holiday Club. In addition it has been agreed that Mahindra Holidays & Resorts has a possibility to increase its share later on.
Mahindra Holidays & Resorts is one of the leading vacation ownership companies in Asia and part of the multinational Mahindra Group based out of Mumbai, India. The shares of both companies are listed on the stock exchange in India.
“We want to be a part of Holiday Club’s growth story in Europe and offer our customers new holiday opportunities. We have been impressed by Holiday Club’s operating models and believe that we can also apply some of them in India,” says Mr Arun Nanda, Chairman of the Board of Mahindra Holidays & Resorts.
“The collaboration of two market leaders will offer many development opportunities. We are proud to be able to offer our expertise more widely and also beyond the borders of Finland,” says Mr Vesa Tengman, Managing Director of Holiday Club.
Vesa Tengman, Managing Director, Holiday Club Resorts Oy, tel. +358 500 421 515, email@example.com
Arun Nanda, Chairman of the Board, Mahindra Holidays & Resorts India Limited, NANDA.ARUN@mahindra.com
Mahindra Holidays & Resorts India Ltd is the leader in the Indian leisure hospitality industry, offering quality holidays designed for discerning guests who value individuality and high quality. In total, its membership includes over 170,000 families. The company has 41 resorts in India and Austria, Dubai, Thailand and Malaysia. Mahindra Holidays & Resorts was founded in 1996. Mahindra Holidays & Resorts is part of the multinational Mahindra Group. Additional information: www.clubmahindra.com
Holiday Club Resorts Oy is the leading vacation ownership company in Europe and a significant operator in the fields of holiday housing and tourism. The company is owned by its acting management, Varma, Finnish Industry Investment Ltd, Ilmarinen, the Fennia Group and a group of Finnish private investors. Holiday Club Resorts Oy has 32 resorts and 1,700 holiday homes. Seven of the resorts feature not only holiday homes but also a spa hotel. Nine resorts are located outside Finland, in Sweden, on the Costa del Sol in Spain and in the Canary Islands. Holiday Club has approximately 50,000 weekly timeshare client families. During the financial year 2012–2013, the consolidated turnover amounted to EUR 120 million, and the Group employed 716 people. Additional information: www.holidayclubresorts.com
PRESS RELEASE SOURCE: Holiday Club Resorts Oy