Australia's Corporate Travel Management (CTM) agreed to buy TravelCorp, a corporate travel agency with operations centered in Texas and Louisiana, in a deal set to take effect May 1.
The announced acquisition follows CTM's purchase in July 2012 of R&A Travel, also known as Polk Majestic Group.
"Texas and Louisiana are both high-growth regions," according to CTM managing director Jamie Pherous. "The oil and gas industries which exist in these areas are complementary to our Australian client base and to our expertise in the mining, oil and gas sectors."
With more than 80 staffers, TravelCorp handles "250 local, national and global clients," 80% of which are corporate travel clients, according to CTM.
TravelCorp's 2012 total transaction value was about $120 million. CTM indicated the $10.3 million stock-and-cash acquisition will include additional payouts based on earnings performance targets.
Once the deal closes, TravelCorp's corporate division will be renamed TravelCorp CTM.
Source: Business Travel News