Corporate Travel Management, an Australia-based travel technology provider, has acquired 75.1% of Westminster Travel, Hong Kong-based corporate travel solutions provider.
This agreement is for $44.8 million and effective from 31 January 2014.
The two current major shareholders of Westminster Travel - Dato WONG Sin Just and YU Kam Kee Lawrence MBE - will retain 24.9% stake in the business following settlement.
Corporate Travel Management (CTM) founder and managing director, Jamie Pherous, says:
"The acquisition was a natural step to maximise regional business opportunities for both companies following several years of their respective management teams collaborating on networking clients and joint tenders together.
"The acquisition fast-tracks our entry into the Asian travel market, delivering an immediate, mature footprint in five key countries/territories."
Westminster Travel’s non-executive chairman Wong adds:
"For our business to continue to grow in the coming years, it was clear to us that we needed to have an international partnership in place.
"We have so much confidence in the opportunities ahead for our business that we have decided to retain an ownership interest, and we look forward to building and expanding the business together with CTM’s management."
Together with Westminster Travel, CTM will now work through a transition plan to maximise the combined opportunities on offer.
Westminster Travel has been operating for 40 years with offices in five Asian countries/territories - Hong Kong, Singapore, China, Macau and Taiwan.
CTM is listed on the Australian Securities Exchange with operations in Australia, New Zealand and the United States.
NB: Celebration image via Shutterstock.