Last year, CTM’s North American sales volume reached $1.2 billion, while T&T did about $2.4 billion in the same area. Total worldwide sales between the two was reportedly $7.6 billion in 2019.
In May, as COVID-19 continued to pummel travel routines, CTM again reached out.
With sales down about 90% and many T&T workers furloughed or laid off, O’Malley said his team decided to explore the acquisition.
He said the Australian company’s leadership made a three-day visit to Omaha recently, and it became clearer that the two company cultures “meshed quite well.”
O’Malley said the financial outcome was good for employee owners. (T&T had been the largest employee-owned travel management company in the world.)
“We were able to get a good deal for the employees that more than protected their current value,” he said.
CTM, a publicly traded company, said in a press release that it comes into the deal in “a very strong liquidity position with no debt.”
The sale includes all of T&T, including its Radius Travel network of corporate travel agencies in more than 100 countries.
Among T&T senior leaders that will stay as part of the combined North America operation are Josh Weiss as chief financial officer and Tim Fleming as president and integration lead. “Even though we’re the one being acquired, we will have a lot of the senior roles post-acquisition,” O’Malley said.