Peabody, MA – First Choice Holidays PLC is pleased to announce that it has agreed to acquire the entire issued share capital of StudentCity.com for a maximum consideration of US$42.5m. US$20m is payable on completion, with the balance payable over five years if certain financial targets are achieved.
StudentCity is an online destination specialist tour operator providing branded packages to the US student travel market. It fits perfectly with First Choice’s strategy of increased focus on specialist businesses operating in niche areas, presents substantial organic growth opportunities and has the ability to build a commanding position in a fragmented market.
Boston Meridian acted as sole financial advisor to StudentCity.com in the transaction.
