Hays Travel has acquired Welsh agency chain Tailor Made Travel for an undislosed sum.
The 20-shop agency went into administration late last week with Deloitte appointed as administrator.
Hays moved quickly to buy the business in a move it said will safeguard 100 jobs.
"Hays Travel had been contacted and made an expression of interest," a statement said.
"Our offer to acquire all 20 shops was agreed, as was the retention of approximately 100 employees, late Friday afternoon."
According to ABTA, Hays has purchased the shops but not the business held by the company.
Like many agencies, Tailor Made Travel has endured a traumatic few months, with Chief Executive Simon Morgan forced to shut many stores.
The timing of the acquisition may surprise some given the paralysis of the industry.
Hays has also not been immune from the crisis. Last month it revealed close to 900 jobs would go as it battled the downturn in travel.
Observers believe the acquisition would at least partly have been driven by a desire to obtain customer databases held by Tailor Made Travel.
TravelMole has approached Hays for further comment.
