India News | TBO Subsidiary Acquires Online Business of Spain's Jumbo Tours Group for 25 Mln Euros
Get latest articles and stories on India at LatestLY. Global travel distribution firm TBO Tek Ltd (TBO) on Wednesday said its subsidiary Tek Travels DMCC has acquired the online business of Spain-based Jumbo Tours Group for 25 million euros (over Rs 228 crore).
Mumbai, Dec 20 (PTI) Global travel distribution firm TBO Tek Ltd (TBO) on Wednesday said its subsidiary Tek Travels DMCC has acquired the online business of Spain-based Jumbo Tours Group for 25 million euros (over Rs 228 crore).
With the acquisition of Jumbonline Accommodations & Services S L U, TBO will expand its presence in Europe, according to a statement.
Spanish destination management firm Jumbo Tours Group (JTG) is a leading international tourism operator.
The deal size is 25 million euros, TBO said.
The Jumbonline business distributes an extensive range of products for wholesalers and tour operators all-on-one single platform.
"This acquisition will give us not only access to Jumbo's clientele but quality content from across prime destinations in Europe right down to the Caribbean," Gaurav Bhatnagar, Co-Founder and Director of Tek Travels DMCC, said.
JTG has two other brands -- Jumbobeds, an online wholesaler for travel agencies, and Jumbotransfers, which offers a wide range of transport services.
"We look forward to leveraging TBO's strengths in travel distribution across the world, specifically the Middle East and APAC," Gines Martinez, CEO of Jumbo Tours Group, said.
TBO has a diversified global footprint and revenue mix. It has regional operation centres across India, Asia, the Middle East, Europe, North America, and Latin America.
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