Hotelbeds to buy GTA as global bedbank consolidation continues

Hotelbeds Group has announced plans to buy fellow hotel wholesaler GTA, noting its “complementary operations and geographic footprints”.

Terms of the deal have not been disclosed.

GTA has led a nomadic life in recent years, having been sold by Travelport to Kuoni for $720 million in 2011.

The deal comes after HotelBeds also bought another major bedbank, US-based Tourico Holidays, earlier this year.

Included in the deal are GTA’s businesses covering transfers and activities, alongside the . GTA has direct contracts with all its hotels and ancillary providers.

In a statement, Joan Vilà, executive chairman of Hotelbeds Group said:

“This deal brings another great bedbank to the Hotelbeds Group family, following the announcement in February that Tourico Holidays will also be integrating with us. Both of these important deals clearly underline our steadfast commitment to accelerate the growth of our business both organically and via M&A activity.”

As part of the deal, GTA’s TravelCube and TravelBound will also join the group.

GTA’s acquisition of MTS Globe, which took place last September, is not included in the deal and has been bought back by its previous owners, Rembert Euling, under the stewardship of Francisco Girona and Michael Frey.

GTA CEO Ivan Walter says the acquisition is a “milestone for the industry”.

“Our history and proven track record speak for themselves, and by coming together with Hotelbeds Group we can bring together a wealth of experience, commitment and a clear strategic focus on the B2B sector.”

The deal is second significant strategic move by HotelBeds following its sale by TUI Group to Cinven and Canada Pension Plan Investment Board in April 2016 for $1.3 billion.

GTA once had a sizeable consumer-facing service in Octopus Travel.

Kuoni shut the brand in November 2012, preferring, it said, to concentrate on the B2B wholesale services provided by the company.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *