Japanese travel agency group JTB is taking a 40% stake in Panorama Tours Indonesia.
Panorama Tours operates in more than 50 locations in Indonesia, focusing on leisure and corporate sales.
"Share sale will be effective after certain conditions are fulfilled, including the obtainment of the shareholders approval," said panorama director Daniel Martinus.
"The sale of Panorama Tours shares to JTB is believed to benefit the company to obtain additional funds to strengthen its cash flow and capital, and accelerate future business development.".
As part of the deal Panorama Tours will merge with JTB’s Jakarta office and will rebrand to Panorama JTB Tours Indonesia.
"We considered the number of tourists from Indonesia who travelled to Japan which surged by 32.1%," JTB president director Hiroyuki Takahashi said.
"We will optimize the flow of visitors from Asia to make JTB Asia’s number one travel agency."
Panorama Group is Indonesia’s largest integrated travel agency group, posting $143 million in revenue in 2015.
