JTB acquires Tour East Group
Japan’s biggest tour operator JTB Group has announced plans to acquire Tour East Group from current owner Holiday Tours & Travel.
JTB will buy out the stock of Tour East divisions in Singapore, Australia, Hong Kong, Indonesia, and Malaysia.
It will only purchase a 49% stake in its Tour East’s Thailand unit to comply with Thai foreign ownership rules.
The deal still hinges on regulatory clearance given in each of the respective countries.
JTB handled 810,000 inbound tourists last year and hopes to increase that figure to 1.5 million in 2015.
Earlier this year JTB acquired Dynasty Travel for an undisclosed price thought to be several billion yen.
Dynasty had a turnover of SGD94 million (US$74.2 million) last year and focuses on package tours for affluent Chinese tourists.
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