US-based travel agency giant Travel Leaders Group and leading UK corporate travel and luxury specialist ALTOUR have announced they are to merge.
The firms announced the deal saying it will create a ‘single, powerhouse travel agency organisation with nearly $24 billion in annual sales’.
In a statement they added: “There will be no substantive operating changes or name changes to either ALTOUR or Travel Leaders Group’s businesses or organisations.
“Closing of this combination is expected to occur following regulatory approval in satisfaction of other customary conditional proceedings.”
No financial details of the deal were disclosed but Travel Leaders Group founder Mike Batt recently told Travel Weekly it was keen to expand through acquisition.
Under the terms of the deal Alexandre Chemla, founder, president and chief executive of ALTOUR, will remain in his current role and Ninan Chacko will continue to serve as chief executive of Travel Leaders Group.
Once the deal is done Chemla will become a shareholder and join the board of directors of Travel Leaders Group Holdings.
Independent travel management company ALTOUR reported of $2.6 billion in 2016. It is ranked among the largest travel agencies in the UK by Buying Business Travel.
Travel Leaders Group brands include Colletts Travel, Cruise Specialists, Protravel International, Travel Leaders Corporate, Travel Leaders Network and Tzell Travel.
It has annual sales of over $21 billion.
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