Corporate Travel Management (ASX:CTD)
has entered into a binding agreement to acquire 100 per cent of Travel & Transport, Inc.
This is for a cash and debt free enterprise value of $274.5 million.
Travel & Transport is a leading US travel management company headquartered in Omaha, Nebraska.
The transaction is expected to be approximately 10 per cent earnings per share accretive on a pro-forma CY19 basis, based on Travel & Transport’s most recent audited financials, before the impact of Covid-19.
It's estimated to be approximately 30 per cent accretive including synergies.
The acquisition is expected to be completed by the end of October.
Shares in Corporate Travel Management (ASX:CTD)
shares last traded at $16.16.