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TMC acquisitions, mergers and failures have been a feature of the Covid pandemic that has devastated the business travel industry, but last week’s deals took industry consolidation to a new level.
The first saw American Express Global Business Travel (GBT), a legacy TMC well versed in scaling up through acquisition, announce a binding offer to bring Expedia-owned Egencia into its stable.
GBT has already acquired New York-based Ovation Travel Group this year and, most notably, bought HRG in 2018 in a deal that saw it become the UK’s largest TMC. Also established as the world’s largest TMC, the addition of Egencia – which is thought to be the world’s fourth or fifth largest TMC – gives GBT an incredibly dominant position.
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From left, Kimberly Wilson Wetty, Jennifer Wilson-Buttigieg, Brian Buttigieg, Valerie Wilson, Richard Leibman, Lara Leibman and Bryan Leibman.
Consolidation among travel agencies was heating up even before the pandemic. And now, more than a year into the Covid-19 crisis, with margins stretched thin, cash in short supply and buyers and sellers both looking to strengthen their competitive positions through mergers, it has become an active marketplace for agencies that have the capital and drive to grow through acquisitions.
Last week, two major acquisitions were announced. Frosch International Travel (No. 14 on Travel Weekly s 2020 Power List) acquired Valerie Wilson Travel (No. 36). Additionally, American Express Global Business Travel (GBT, No. 3) said it plans to acquire Egencia, the corporate-travel arm of No. 1 Expedia Group, pending regulatory approvals.