Kishore Biyani-led Future Retail today said it will fully acquire Travel News Services India (TNSI) in a Rs 100 crore deal, a move which would help the company to consolidation further its retail business.
The acquisition will help Future Retail to expand its presence at airports, metro stations and universities where the majority of retail outlets of TNSI and TNSI Retail are operating.
Future Retail said “The Company has approved the acquisition of entire equity share capital of TNSI from its existing shareholders and also executed share purchase agreement and related documents for the proposed transaction.”
Through this deal, Future Retail will have access to global retail brand "WH Smith" as its license is being held by TNSI.
Future Retail will pay Rs 85 crore to the sellers in proportion to their holding in TNSI for acquisition of shares and will give an additional consideration of Rs 15 crore subject to the fulfilment of other specified obligations.