Al Tayyar Travel Group Holding has signed an agreement to acquire British company Co-operative Travel Management for 13.5 million pounds ($22.6 million).

The deal authorises the Group to a 100 per cent shareholding in CTM, said a statement.

The deal was funded from the revenues of the company and all necessary legal procedures to finalise the deal will be completed accordingly, said the Al Tayyar Travel Group.

Dr Nasser Al Tayyar, deputy chairman & 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.”

With this acquisition, Al Tayyar Travel Group aims to expand the scope of its business in EU countries to provide distinguished services to the clients traveling to the region. The financial revenues from this deal are expected to begin in the third quarter of the year 2014, it said.
 
CTM is considered one of the top ranking travel and tourism companies in UK providing rail, road and air transportation services. The company is also involved in conferences management and hotel accommodation services in Britain, Ireland and Scotland.

The sales revenues of CTM in 2013 amounted to 130 million pounds. The total workforce includes 207 employees spread across 15 branches in Britain, Ireland and Scotland. - TradeArabia News Service