India-based travel distribution platform TBO has agreed to acquire vacation wholesaler Classic Vacations from investment firm The Najafi Cos. for an estimated $125 million.
Classic had revenue of $111 million and an operating EBITDA of $11.2 million last year, TBO said in a news release.
TBO says its expansion into premium outbound travel aligns with Classic's brand and the 10,000-plus travel advisors who sell Classic.
Classic Vacations will remain an independent brand, said Gaurav Bhatnagar, TBO's co-founder.
"We're excited for this next phase in our company's journey -- TBO's tech-centric solutions are geared fully toward our travel advisor community," said Melissa Krueger, CEO of Classic Vacations. "TBO connects us to its first-class technology platform unlike what the wholesale market has ever had access to -- allowing us to bring even more resources, tools and insider connections to our valued travel advisors."