CVC flies into Stella/Jetset stock merger
CVC Capital Partners has had a public markets exit of sorts on its Australian travel investee Stella Travel Services through an all-share merger with listed industry peer Jetset Travelworld, creating a 50:50 JV listed business worth some A$440 million ($385 million).
The deal, through a scheme of arrangement, gives 50% of the new group to CVC, lead debtholder UBS and Stella staff, with CVC receiving 27%. The deal is subject to Jetset shareholder approval. CVC originally...
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