Tourico Holidays officially becomes part of Hotelbeds Group today.
Tourico Holidays founder Uri Argov is to retire but will remain a shareholder of the combined company.
Asi Ginio, who has been with the company since 1999 and is currently chief operating officer, will now become CEO while the company ‘transitions to full integration’.
Joan Vila, executive chairman of Hotelbeds Group said: "This deal expands our footprint in the important North American market and – along with our plans also for GTA to join us – forms part of our strategy to accelerate the growth of our business both organically and via M&A activity.
"Our medium-term objective is to combine our respective best in class technology and distribution expertise for the benefit of both our hotel partners and clients. We will do this in stages and over the coming months will provide partners with further updates on how and when this will happen."
Ginio added: "We are excited to now officially be part of Hotelbeds Group and are hugely proud to be participating in what amounts to a transformation for the B2B travel industry.
"On behalf of all my colleagues I would like to thank Tourico Holidays’ founder Uri Argov for making this company the great success that it is today. We wish him all the best for the future."
In April, Palma-based Hotelbeds Group announced it was also buying GTA, a global bedbank with a significant presence in the Asia-Pacific market.
