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CTM invests in Hong Kong TMC
Corporate Travel Management has bought a 75.1% stake in Hong Kong-based Lotus Travel Group in a deal worth £28 million.
Taking effect on October 2, CTM said the acquisition will make it the largest travel management company~in Hong Kong.
Its Asian partner, Ever Prestige Investments, will acquire the remaining 24.9% stake through CTM Asia.
Lotus employs 400 staff and has been operating for 60 years.
CTM managing director Jamie Pherous said: "Lotus is a long-standing and highly regarded travel leader in Hong Kong. They meet our strict acquisition criteria and, like CTM Asia, are leaders in travel in the region and enjoy high client and staff retention.
"We are delighted to have Lotus become a key part of our Asian business. Together, we will become a leader in the Greater China market and will be well positioned to enhance our client offering, technology and expertise in this market."
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Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
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