CPPIB partners with private equity firm Cinven to buy Hotelbeds Group for

TORONTO — The Canada Pension Plan Investment Board and European private equity firm Cinven have signed a deal to buy travel services company Hotelbeds Group in a deal valued at 1.165 billion euros (US$1.3 billion).Under the deal, CPPIB and Cinven will take equal stakes in the company being acquired from travel and tourism company Tui Group.Hotelbeds offers hotel rooms and services to tour operators, travel agencies, corporate clients and consumers.The company is based in Spain.It employs 6,150 people around the world.Shane Feeney, head of direct private equity at CPPIB, called Hotelbeds a unique opportunity.“Backing a best-in-class management team, with an exceptional track record of organic growth that we will support in driving industry consolidation in the coming years, provides a terrific opportunity for CPPIB,” Feeney said in a statement Thursday.The deal is expected to close by the end of September.

Appointment of 350 jail guards suspended by Minister

The Minister also stated that the second interview with regard to the recruitment of jail guards will be held again to fill the vacancies, as per the due procedure. (Colombo Gazette) The appointment of 350 jail guards have been suspended as per instructions of Minister of Prison Reforms, Resettlement and Hindu Religious Affairs, D.M. Swaminathan following complaints made to the Minister regarding corruption and bribery charges. Many persons including members of parliament have complained to the Minister in this regard. In this backdrop, Minister Swaminathan has issued instructions to carry out a proper investigation into the bribery allegations and to take action against such officials if they are found guilty.