Corporate Travel Management has announced it will purchase Lotus Travel Group.
The Hong Kong-based Lotus Travel Group will be acquired by Corporate Travel Management in a deal worth A$50m.
Effective 02 October, CTM will buy 75.1% of Lotus, while its Asian partner Ever Prestige Investments will acquire the remaining 24.9%.
Lotus is one of the largest travel companies in Greater China and CTM said the move would allow it to scale its business.
It also noted the businesses were very similar and the deal would provide growth, revenue and cost synergies.
More in Travel Daily tomorrow.
Source: Travel Australia