Al-Tayyar fully acquires British CTM for SAR 85m

Al Tayyar Travel Group Holding signed an acquisition agreement with CTM Company that allows ATG Holding to fully acquire all shares of the British Company.
The agreement was signed on 27/5/2014 between Al-Tayyar’s fully owned Subsidiary, ATG Mawasim for Travel and Tourism company, and the owners of the British Company CTM as well as Deloitte Financial Advisor; the company said in its filing to Tadawul today.
The value of the deal was amounted to SAR 85m equivalent to (13.5m sterling pounds) and was financed by the company’s internal resources.

Al-Tayyar added that CTM is considered one of the top travel and tourism companies in UK, operating in the field of travel and tourism services as well as railway tickets, air transport and ground services . It also operates in the field of organizing conferences as well as hotel accommodation services in Britain, Ireland and Scotland.
CTM’s 2013 sales were SAR 825m or 130m sterling pounds; the company added.
By this Acquisition, ATG aims at expanding the scope of its business in EU countries to provide distinguished services to the clients traveling to the region.
The financial effect of this deal is expected to be realized in the third quarter of 2014.