CTM to buy Boston-based Travizon Travel.
Corporate Travel Management has just announced the acquisition of US east coast TMC Travizon Travel, which has been in operation for more than 40 years.
CTM said the purchase is in line with its strategy to boost its US presence, with the deal seeing it now operate out of more than 20 cities across America. Travizon will take the company’s North America TTV to “well above” A$1.3 billion next year, ranking CTM in the top ten TMCs in the USA market.
The deal is worth US$21 million plus a one year earn-out provision based on a range of performance criteria. CTM will fund the purchase through a 50/50 combination of stock and cash.
CTM ceo Jamie Pherous said “We are delighted to have Travizon become a key part of our North American business. Travizon has an excellent reputation and track record of looking after multi-regional clients, which can only enhance our expertise and offering in this market”.
More details in today’s issue of Travel Daily.