Documents compiled for Irish hotel group Tifco suggest that the company was acquired by Apollo Global for just over €200 million - a figure far short of the €500 million to €600 million the transaction was rumoured to cost in September.
As reported by The Irish Times, recent filings for several Tifco-associated companies imply that Apollo funded the transaction through its fund Trident Bidco, with legal and banking documents filed for the transaction by Tifco this month suggesting Apollo borrowed €204 million "for the purposes of refinancing the acquisition [of Tifco] including the repayment of total funding debt".
Tifco currently operates 24 hotels in Ireland. Its portfolio is made up of a mixture of venues it owns and hotels operated under management contracts.
© 2018 Hospitality Ireland – your source for the latest industry news. Article by Dave Simpson. Click subscribe to sign up for the Hospitality Ireland print edition.