The purchase of 75.1% of Lotus will result in CTM becoming the largest travel management company in Hong Kong servicing Greater China. CTM’s partners in Asia, Ever Prestige Investments Ltd, will acquire the remaining 24.9% through CTM Asia.
Corporate Travel Management has acquired a majority stake in Hong Kong-based Lotus Travel Group Limited in a deal worth HK$300 million (US$38.2m).
The purchase of 75.1% of Lotus will result in CTM becoming the largest travel management company in Hong Kong servicing Greater China. CTM’s partners in Asia, Ever Prestige Investments Ltd, will acquire the remaining 24.9% through CTM Asia.
Having operated for more than 60 years, Lotus employs 400 people and is an industry leader in Hong Kong across the corporate, B2B, wholesale and MICE markets.
CTM managing director Jamie Pherous said the two firms had a great understanding of each other’s culture and leadership teams, which would allow for a seamless integration process.
“Lotus is a long-standing and highly regarded travel leader in Hong Kong,” he said. “They meet our strict acquisition criteria and, like CTM Asia, are leaders in travel in the region and enjoy high client and staff retention.”