Australia’s Corporate Travel Management Keeps on Buying Up Its U.S. Rivals
Photo Credit: Corporate Travel Management, based in Brisbane, Australia, is to acquire U.S.-based Travel and Transport for $195 million. Unsplash / Brisbane Local Marketing
Skift Take
From Brisbane to Nebraska, Corporate Travel Management's second takeover this year comes at a symbolic six months into the crisis. Are the floodgates now open to industry consolidation?
Australia's Corporate Travel Management on Tuesday said it is acquiring U.S.-based Travel and Transport for $195 million, taking advantage of the respite in business travel to scoop up competitors.
Reporting a $6 million full-year loss on August 19, the Brisbane-based agency noted how “an extended period of no international travel creates a generational opportunity for industry consolidation." Following a brief halt in share trading this week it raised an extra $265 million in equity to help fund this purchase.
The acquisition, which also includes Radius Travel, not only makes sense strategically, it makes sense financially, as it has a potential fire sale on its hands. In 2019, Travel and Transport's total transaction volume was $2.8 billion, of which 90 percent was generated in the U.S. “For Corporate Travel Management to have a global relevance g
