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Saudi Al Tayyar buys British CTM for USD22m

30 May 2014

(MENAFN) Al Tayyar Travel Group Holding has fully acquired British company Co-operative Travel Management (CTM) for USD22.64 million on Tuesday, according to Arab News.

The Saudi firm has funded the deal from the revenues and all necessary legal procedures to finalize the deal will be completed accordingly.

Nasser Al Tayyar, Deputy Chairman and President of Al Tayyar Travel Group, said: “With our recent acquisition of Thomas Cook’s UK luxury travel tour operating entity Elegant Resorts earlier this year and this addition to business in the EU markets, we have a greater opportunity to accelerate the current momentum across the travel industry, provide distinguished services for our customers an magnify returns for all stakeholders.”

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