LONDON (Alliance News) - Leisure company Minoan Group PLC Tuesday said its Stewart Travel Ltd subsidiary has signed a deal to buy around 20% of Miles Away Ltd, a deal which will formalise a strategic agreement between the two companies.
Minoan did not provide any financial details on the acquisition of the stake by Stewart, but said the combined total transaction value of the two companies in the coming financial year is expected to be around GBP100 million.
"Stewart has already built up a strong presence in Scotland and it is well known that we have been interested for quite some time in having a presence south of the border. We believe that in Miles Away as a business, and in Miles as a person, we have the perfect match for our first step into England," said Minoan Managing Director Duncan Wilson.
Minoan shares were up 0.7% to 11.08 pence on Tuesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Minoan (MIN)