European and US TMCs in the CTM crosshairs.
Corporate Travel Management has just announced plans to fully acquire two Travel Management operations in European agency Chambers Travel and US firm Diplomat Travel,
Both acquisitions will take effect from 02 Jan next year, funded by a $45.5 million fully underwritten Entitlement Offer, which will be factored into the firm’s FY15 results.
According to CTM, Chambers Travel will serve as the “anchor point” in the UK and Europe on which CTM can continue to build and grow in the region. The award-winning company is headquartered in London, with operations in eight countries across Europe, serving clients in ten European languages.
Already well established in the US, the acquisition of Diplomat Travel expands Corporate Travel Management’s USA coverage, meaning the company now operates in all timezones in North America, in 18 cities across eight states. The company is based in Washington D.C.
“As a result of these acquisitions, CTM will now operate in 46 cities across 23 countries, on four continents; employing over 1,800 staff worldwide,” CTM managing director Jamie Pherous said.
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