Corporate Travel Management (CTM) has acquired Hong Kong-based Lotus Travel Group.
That’s right, folks, CTM is looking to take over Greater China by acquiring 75.1 per cent of one of their largest travel companies.
Though their intentions are probably not as sinister as the above gif implies.
CTM’s Asian partners, Ever Prestige Investments, will acquire the remaining 24.9 per cent.
CTM said in a statement on the ASX they made the acquisition with an aim to become the largest player in Hong Kong servicing Greater China.
“This creates optimum scale to best leverage our technology, support costs and enhance our excellent supplier relationships, across a wider base to best support long-term growth,” the company said in a statement.
They also said the similarities between the CTM and Lotus contributed to the decision, with both companies being market leaders in Hong Kong who share a similar culture and business mix across corporate, wholesale (B2B), MICE and events.
“Lotus is a long-standing and highly regarded travel leader in Hong Kong,” said CTM managing director Jamie Pherous.
“They meet our strict acquisition criteria, and like CTM Asia, are leaders in travel in the region and enjoy high client and staff retention. Our Asian senior leadership teams are very familiar with each other.
“Together we can become a leader in the Greater China market and will be well positioned to enhance our client offering, technology and expertise in this market.”
Chairman and CEO of Lotus, Partick Kong said: “We have watched the CTM Asia leadership team for many years and have watched CTM Asia build a very strong growth business based on highly personalised service delivery with best-in-class technology solutions.”
“We consider that CTM is an excellent fit to enhance our service offering to both current and future clients while providing exciting new career opportunities for our employees that comes through growth.”
This acquisition will be effective as of 2 October 2018.