Global bedbank and business-to-business provider of services to the travel industry Hotelbeds Group has announced plans for Tourico Holidays to merge with its Bedbank business unit.
The move follows the acquisition last year of Hotelbeds Group, with its brands Hotelbeds and Bedsonline, by Cinven and Canada Pension Plan Investment Board (CPPIB), from Tui.
Majorca-headquartered Hotelbeds is the largest independent B2B bedbank globally, offering hotel rooms to the travel industry from its inventory of 75,000 hotels in180 countries to its customer base across more than 120 source markets.
Joan Vilà, Executive Chairman of Hotelbeds Group said: “With the backing of Cinven and CPPIB we are entering the next phase of our development since becoming an independent company back in September.
“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.
“The proposed deal will enable us to enhance our footprint, especially in Tourico Holidays’ home market of North America whilst they will benefit from belonging to Hotelbeds Group´s global network. Together we will combine our best in class technology and distribution expertise for the benefit of both our hotel partners and clients.”
Tourico Holidays’ CEO, Uri Argov, added: “We´re 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. At a cultural level, this deal is strong because our two organisations are both entrepreneurial, dynamic and high energy – and just like Hotelbeds Group, we´re passionate about what we do and focus hard on execution.”
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 deal is subject to customary regulatory and anti-trust approvals.
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