Flight Centre Travel Group makes another US acquisition
Australia based Flight Centre Travel Group is expanding deeper into the US market with another acquisition.
It announced an agreement to acquire Casto Travel Inc.’s U.S. division.
Bay Area based travel management firm Casto Travel was established in 1974 and has a workforce of about 85 at three offices in California.
It generates about $120 million in annual revenue.
"Casto strengthens our overall U.S. operation, which includes the rapidly growing corporate travel business, along with our on and offline leisure businesses and wholesaler Gogo Vacations," said Flight Centre managing director Graham Turner.
Casto serves mostly corporate clients.
"This will give us greater scale in Silicon Valley and in the large West Coast market, where we previously had a relatively small corporate travel presence," Turner added.
The deal is expected to close in February 2019.
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