Travel Leaders Group and ALTOUR, a travel management company, have agreed to a merger that will result in a company with more than $24 billion in annual sales.
In a press statement, the two companies said there "will be no substantive operating changes or name changes to either ALTOUR or Travel Leaders Group's businesses or organizations. Closing of this combination is expected to occur following regulatory approval in satisfaction of other customary conditional proceedings."
ALTOUR president and CEO Alexandre Chemla will remain in his current role and Ninan Chacko will continue to serve as CEO of Travel Leaders Group. In addition, upon the closing, Chemla will become a shareholder and join the Board of Directors of Travel Leaders Group Holdings.
United States-based Altour had annual sales of about $2.6 billion in 2016. ALTOUR serves the luxury and mid-markets globally, and owns ALTOUR Air, ALTOUR Tech, ALTOUR Meetings and Incentives and the ALTOUR Global Network.
Travel Leaders Group serves both the vacation and business travel markets, and owns a variety of businesses in both categories, including Travel Leaders owns All Aboard Travel, Andrew Harper Travel, Colletts Travel, CruCon Cruise Outlet, and the Nexion host agency network.
The company states it had sales of over $21 billion in 2016.