Al Tayyar Travel Group acquires CTM
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Al Tayyar Travel Group Holding recently announced signing of the acquisition agreement with British company Co-operative Travel Management (CTM). The deal authorizes Al Tayyar 100% shareholding in CTM.
The SAR 85 million (GBP 13.5 million) deal was funded from revenues of the company and all necessary legal procedures have been undertaken to finalize the deal will be completed accordingly.
Dr Nasser Al Tayyar, deputy chairman and president of Al Tayyar Travel Group said: “With our recent acquisition of Thomas Cook’s Elegant Resorts, earlier this year and this addition to our business in the EU markets, we have a greater opportunity to accelerate the current momentum.”
With this acquisition, Al Tayyar aims at expanding its EU business to provide services to clients travelling to the region. The financial revenues from this deal are expected to begin in the third quarter of the year 2014.
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