After announcing the acquisition of Travel & Transport last month, Corporate Travel Management (CTM) has advised shareholders that the US travel firm is now officially part of the group.
CTM purchased Travel & Transport, which is based in Omaha, Nebraska, for US$200.4 million ($274.5 million).
The company, which was founded in 1946 and also has a European presence, generated US$2.8 billion ($4 billion) in total transaction value during the 2019 calendar year, 60 per cent of which was from corporate air travel, and 30 per cent of which was from hotels.
Travel & Transport also owns Radius Travel, which operates a large-scale hotel program with a number of prominent brands across 160 countries.
Kevin O’Malley, the incumbent CEO of Travel & Transport, will lead the newly combined entity.
CTM funded the acquisition via a fully underwritten entitlement offer which raised $375 million – $262 million came from the institutional component and the remaining $113 million from the retail offer.
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