H
otelbeds Group, a global bedbank and business-to-business provider of services to the travel industry, has announced plans for Tourico Holidays to merge with its Bedbank business unit.
The proposed deal will enableÊHotelbeds Group toÊenhanceÊtheir footprint, especially in Tourico Holidays’ home market of North America while they will benefit from belonging to Hotelbeds Group’s global network.ÊTheÊmerger is designed toÊcombineÊthe best in class technology and distribution expertise for the benefit of both hotel partners and clients.
ÒWith the backing of Cinven and CPPIB we are entering the next phase of our development since becoming an independent company back in September,” said Joan Vila_, Executive Chairman of Hotelbeds Group.
ÒTherefore it gives me great pleasure to announce that Tourico Holidays will join Hotelbeds Group. Tourico Holidays has a well-deserved reputation for excellence and innovation that I have respected for many years. I look forward to working with its experienced leadership team.”
Uri Argov, Tourico Holidays’ CEO, said they are “very excited about what this deal can mean to the B2B travel industry”.
“Tourico Holidays’ management team looks forward to bringing together these two great businesses in order to better serve our combined supplier and client base,” said Mr Argov.Ê”At a cultural level, this deal is strong because our two organisations are both entrepreneurial, dynamic and high energy Ð and just like Hotelbeds Group, we’re passionate about what we do and focus hard on execution.Ó
This includes the top holding company of the Tourico Group and indirectly all its entities, including its holding subsidiaries, Tourico Holidays, Inc., Travel Holdings, Inc. and Tourico Holidays Spain, S.L., and the technology development Israeli subsidiary, T.G.S. Israel Development Ltd. The merged entity will be 100 per centÊowned by Hotelbeds Group.
Tourico Holidays will continue to operate as an independent business while a long term strategy is developed to find the most appropriate way to combine the businesses. The transaction is subject to customary regulatory and anti-trust approvals.
