$4b TTV Omaha-based Travel & Transport to be acquired by CTM.
Corporate Travel Management has just announced the US$200 million acquisition of a 100% stake in Nebraska’s Travel & Transport, described as “one of the largest corporate travel management companies in the US”.
Founded in 1946 and owned by its employees, Travel & Transport generated TTV of US$2.8 billion (A$4 billion) in 2019, with a focus on professional services and healthcare clients.
Travel & Transport also wholly owns Radius Travel which has partnerships with prominent global hotel brands in 160 countries. Once combined, CTM said the deal would strengthen its position as one of the leading mid-market corporate travel managers in the world, with a global TTV of almost $11 billion.
“We are excited to bring our two companies together under the CTM umbrella,” said CTM MD Jamie Pherous.
“Travel & Transport has an incredible reputation and a long history of success within the global travel industry, and we have shared views about delivering personalised service and proprietary technology to generate strong returns for clients on their travel investments,” he said.
The deal is being funded by an institutional offer and a retail entitlement, aiming to raise $375 million which will also be used to help cover integration costs, provide additional liquidity and capacity for other acquisitions.
More details in today’s issue of Travel Daily.