Travel Agents

Corporate Travel Management raises remaining $113m needed for US acquisition

Corporate Travel Management Limited (CTM) has raised the remaining funding it needs to take over US company Travel & Transport.

CTM closed its retail entitlement offer of new shares in the company on Thursday 15 October and raised approximately $113 million at $13.85 per share, with a take-up rate of 81.2 per cent from existing retail shareholders.

Together with the institutional component of the ASX-listed company’s entitlement offer, CTM raised roughly $375 million to fund its acquisition of Travel & Transport.

Jamie Pherous (pictured above), managing director and chief executive of CTM, said the strong support for the capital raising from retail and institutional investors was an endorsement of the strategic rationale for acquiring the US travel management firm.

“Completion of the acquisition is expected to occur on 30 October 2020, and we are looking forward to progressing the integration of the business to deliver new benefits for our clients and capture the synergies, and we are excited about the potential with a bigger and broader footprint in North America,” he said.

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