Dubai: Saudi Arabia’s Al Tayyar Travel Group Holding has signed an acquisition agreement with UK-based Cooperative Travel Management (CTM) worth 85 million Saudi riyals, according to a statement on Thursday.
The deal was funded from the company’s revenues, and all legal procedures to finalise the deal will be completed accordingly, according to the statement.
Through the acquisition, the company aims to expand the scope of its businesses in Europe. The financial revenues from the deal are expected to begin in the third quarter of the year, the company said in the statement.
Earlier this year, Al Tayyar Travel Group acquired Elegant Resorts, Thomas Cook’s UK luxury travel tour operating entity.
