Citi venture fund to invest $138 mn in Cox & Kings

Tour operator Cox & Kings Ltd said today Citigroup's venture capital arm will invest $137.75 million in its UK unit, sending its shares up 8.2%.

Tour operator Cox & Kings Ltd said on Wednesday Citigroup's venture capital arm will invest $137.75 million in its UK unit, sending its shares up 8.2%.

The funds will be used to retire the debt Prometheon Holdings, Cox & King's UK unit, raised when it bought British specialist travel company Holidaybreak last July.

The company, the parent of UK-based unlisted Cox and Kings, gets around half its overall revenue from its international operations and has been looking at overseas acquisitions to tap the booming outbound market and drive future earnings growth.