Tek Travels DMCC, a wholly owned subsidiary of
travel distribution platform TBO Tek Limited, has acquired Jumbonline, the online distribution
subsidiary of Spain-based Jumbo Tours Group for €25 million.
The destination management business of Jumbo
Tours Group will remain part of Alpitour World, one of Europe’s largest tourism
companies.
Jumbonline distributes a range of products for
wholesalers and tour operators through an application programming interface (API) solution that gives access to
more than 120,000 hotels across Europe, the Caribbean and North Africa.
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“This acquisition will give us not only access to
Jumbo’s clientele but quality content from across prime destinations in Europe
right down to the Caribbean," said Gaurav Bhatnagar, co-founder and director of TBO. "We continue to expand our global footprint by
staying true to our commitment to simplifying global travel.”
In a post on LinkedIn, Bhatnagar said Mustafa
Korkmaz and Anurag Aggarwal will lead Jumbonline as CEO and chief financial officer, respectively.
“We are very excited with this
partnership and look forward to leveraging TBO’s strengths in travel
distribution across the world, specifically Middle East and [the Asia-Pacific region],” said Ginés
Martinez, CEO of Jumbo Tours Group.
“Their tech, talent and growth have
been very impressive, and we are happy to be a part of the TBO family.”
And said Gabriele Burgio, president
and CEO of Alpitour World, “We strongly believe that there is a big potential
in this alliance. TBO is a great partner in technology and highly specialized
in the online business, while Jumbo Tours Group is a great provider of
operations, contracting, local knowledge and representation in the
destinations. We are sure both parties will get the most out of this joint
project.”
Founded in 2006, TBO connects travel
suppliers such as hotels, airline, car rental companies and more with buyers
such as travel agents and tour operators.
In October, global
investment company General Atlantic acquired a minority stake in TBO. In
early 2023, TBO
acquired B2B accommodation provider Bookabed.