Shares of Gurugram-based travel services provider TBO Tek rose 15 percent in intra-day trading on Wednesday, September 3, after the company announced an agreement to acquire US-based Classic Vacations from Phoenix-based Najafi Companies for up to $125 million.
The acquisition brings together TBO’s global technology platform and inventory with Classic Vacations’ network of over 10,000 luxury travel advisors and suppliers, strengthening TBO’s position in the premium outbound travel market. Classic Vacations will continue to operate as an independent brand while leveraging TBO’s technology and distribution to scale operations.
“TBO’s entry into the premium outbound travel market complements Classic Vacation’s exclusive B2B brand and elite advisor network, built over nearly five decades of success and brand recognition,” said TBO co-founders Gaurav Bhatnagar and Ankush Nijhawan. Classic Vacations CEO Melissa Krueger added that the deal would enhance the company’s luxury travel segment presence while providing advisors with new technology tools and global reach. Najafi Companies, which acquired Classic from Expedia Group in 2021, described the sale as a natural next step for the portfolio company.
Financials, Transaction Details, and Funding
Classic Vacations reported revenue of $111 million and operating EBITDA of $11.2 million for the fiscal year ending December 31, 2024. The acquisition is expected to close by the first week of October 2025, subject to conditions precedent, and does not require regulatory or government approvals.
In a related move, TBO Tek’s board approved an inter-corporate loan exceeding ₹350 crore to its wholly-owned subsidiary Tek Travels DMCC for a five-year term to fund the acquisition. Tek Travels DMCC will also issue a letter of comfort and corporate guarantee to secure $70 million in credit facilities from Standard Chartered Bank for TBO LLC.
Moelis & Company LLC acted as exclusive financial adviser and Ballard Spahr LLP as legal counsel to Classic Vacations. Cooley LLP served as legal advisors and PwC provided financial and tax advisory support for TBO.
Founded in 2006, TBO Tek is a global travel distribution platform connecting over 159,000 travel buyers with 1 million suppliers across more than 100 countries, leveraging technology to simplify the buying and selling of travel services.
Stock price trend
The stock rose as much as 15 percent to its day’s high of ₹1591.55. Still it is over 20 percent away from its 52-week high of ₹2000, hit in September 2024. Meanwhile, it hit its 52-week low of ₹985.70 in April 2025.
However, the stock has been an underperformer so far in 2025, having declined 22% year-to-date before Wednesday’s jump. Meanwhile, in the last 1 year, it declined 23 percent.
