Corporate Travel Management (CTM) has taken its first steps into Asia with the acquisition of a majority stake in Hong Kong-based Lotus Travel Group Limited (Lotus) worth A$50 million (US$37 million).
The purchase of 75.1 per cent of Lotus will take effect from October 2, 2018, and will result in CTM becoming the largest travel management company in Hong Kong servicing Greater China, with a combined Total Transaction Value of about A$2.5 billion. CTM’s partners in Asia, Ever Prestige Investments Limited (EPI), will acquire the remaining 24.9 per cent through CTM Asia.
The acquisition creates optimum scale for the combined entity to leverage technology, support costs and supplier relationships across a wider base to enhance long-term sustainable growth in Asia.
Having operated for more than 60 years, Lotus is a market leader in Hong Kong across the corporate, B2B, wholesale and MICE markets. It employs 400 staff and has offices in Hong Kong and Greater China.