On The Beach will acquire the issued share capital of Sunshine.co.uk for a total consideration of £12 million.
The consideration will be funded from the group’s existing cash resources and bank facilities in the form of an extension to the group’s “existing working capital revolving credit facility”.
The consideration will be split with 75% paid on completion and the remaining 25% in December.
Sunshine.co.uk reported gross assets of £18.6 million and Ebitda of £1.6 million in its latest statutory audited accounts for the 13th month period to September 30.
On The Beach to acquire Sunshine.co.uk
Jennifer Morris
10 May 2017
On The Beach Travel has agreed to acquire OTA Sunshine.co.uk.
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