CTM to buy Texas-based Corporate Travel Planners Inc.
Corporate Travel Management has just announced the acquisition of Corporate Travel Planners for up to US$36 million, a company based in San Antonio, Texas with a focus on the university and education sector.
Half of the purchase price will be paid now in a combination of 10% Corporate Travel Management shares and 90% in cash, representing about six times pro-forma 2020 earnings. The remaining US$18 million payment is subject to achievement of future profit hurdles.
The acquisition will be effective from 01 Jan 2020, with Corporate Travel Management saying it will increase its annual TTV to more than A$2.2 billion, “further consolidating CTM as a top 10 travel management company in North America”.
More details in today’s issue of Travel Daily.