SoftBank-backed travel tech firm TravelPerk acquires U.S. rival and bags $135 million for expansion [CNBC]
SOFTBANK GRP UNSP/ADR (SFTBY)
NASDAQ:AMEX Investor Relations:
softbank.jp/en/corp/irinfo/presentations
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Source: CNBC
AmTrav, which operates in the same space as TravelPerk, will continue to operate under the same brand and its entire team will continue with the business. To help fund the deal and TravelPerk's broader expansion efforts, the company also raised $135 million in debt financing from private equity firms Blackstone and Blue Owl. Avi Meir, TravelPerk's CEO and co-founder, told CNBC the deal would allow the company to turbocharge its growth in the United States. He expects the deal to double TravelPerk's U.S. revenues and make the country its biggest revenue-generating region by 2026. “Currently, the U.K. is our biggest market,” Meir said in an interview with CNBC, pointing to the firm's 2021 purchase of British corporate travel startup of Click Travel as the catalyst for its growth in Britain. Going forward, Meir said, TravelPerk's takeover of AmTrav will help support a “deep localization strategy” in the U.S., and enable it to offer customers “better rates and inventory options t
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