CTM to acquire Lotus Trave Group in USD37m deal

    Corporate Travel Management (CTM) announced (11-Jul-2018) it will acquire a 74.1% stake in Hong Kong-based Lotus Travel Group (Lotus) for AUD50 million/HKD300 million (USD36.9 million). The purchase will take effect from 02-Oct-2018. When the deal is complete CTM will be the largest travel management company in Hong Kong servicing greater China, with a combined total transaction value approaching AUD2.5 billion (USD1.8 billion). CTM’s partners in Asia, Ever Prestige Investments Limited, will acquire the remaining 24.9% through CTM Asia. CTM managing director Jamie Pherous said the two firms had a great understanding of each other’s culture and leadership teams, which would allow for a seamless integration process. CTM estimates the acquisition will contribute approximately AUD4 million (USD3 million) in EBITDA over nine months trading to CTM’s 2019 annual results. Mr Pherous said CTM expected to deliver FY18 results at or slightly above the top end of the previous guidance, at approximately AUD125 million (USD million), up 27% year-on-year. [more – original PR]