Travel Leaders Group (No. 9 on Travel Weekly's 2017 Power List with $4.39 billion in sales) and Altour (No. 14 with $2.58 billion) are merging to form one organization, the companies said Thursday.

When including the nonowned travel agencies that are affiliated with Travel Leaders, the combined organization will have nearly $24 billion in annual sales, according to Travel Leaders Group.

Both companies' leaders will remain: Alexandre Chemla, founder and CEO of Altour, and Ninan Chacko, CEO of Travel Leaders Group. Once the deal closes, Chemla will join the board of directors of Travel Leaders Group Holdings.

Neither Travel Leaders Group nor Altour will undergo "substantive operating changes or name changes," said Travel Leaders Group.

The merger is subject to regulatory approval.

Travel Leaders Group's brands include All Aboard Travel, Andrew Harper Travel, Colletts Travel, Corporate Travel Services, CruCon Cruise Outlet, Cruise Specialists, Nexion, Protravel International,, Travel Leaders Corporate, Travel Leaders Network and Tzell Travel.

Altour businesses, in addition to its travel management services, include Altour Air, Altour Tech, Altour Meetings and Incentives, and the Altour Global Network.

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