ACQUISITION COMPLETE FOR CORPORATE TRAVEL MANAGEMENT

Written on the 30 January 2014

ACQUISITION COMPLETE FOR CORPORATE TRAVEL MANAGEMENT

CORPORATE Travel Management (ASX:CTD) has completed its 75.1 per cent acquisition of Westminster Travel Group.

Managing director Jamie Pherous (pictured) is delighted to have Westminster Travel as CTD’s Asian business.

“It possesses all the qualities we look for, being a great service reputation, a dedicated team and great management,” he says in an announcement to the ASX this morning.

“The combination with our successful Australian, New Zealand and USA businesses will allow us to better leverage our combined buying power, client-facing solutions and support expertise moving forward.”

The acquisition was announced in November and funded by a $53.3 million, 4 for 27 entitlement offer at $4.60 per share.

CTD is down 0.37 per cent at $5.40 per unit in early trading this morning.

 

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