Mumbai: Travel platform TBO Tek Ltd has acquired the online business of Spain’s Jumbo Tours Group. The deal, completed in Madrid on 18 December and valued at € 25 million, will help TBO broaden its international reach.
Through this acquisition by its subsidiary Tek Travels DMCC, TBO now holds the entire stake of Jumbonline Accommodations & Services S.L.U., Jumbo Tours’ online division. This move provides TBO access to Jumbo’s extensive client network and premium content spanning key European and Caribbean destinations.
“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,” said Gaurav Bhatnagar, co-founder & director of Tek Travels DMCC.
Jumbo Tours Group caters to a wide range of clients through its diverse services. Jumbonline stands out with a comprehensive platform offering access to over 120,000 hotels, including 15,000 direct contracts, ensuring quick response times. This acquisition enhances TBO’s portfolio, including Jumbobeds, a leading online wholesaler, and Jumbotransfers, an affordable transportation service provider.
“We are very excited with this partnership and look forward to leveraging TBO’s strengths in travel distribution across the world, specifically Middle East & APAC,” said Ginés Martinez, CEO, Jumbo Tours Group.
The acquisition is part of TBO’s ambitious plans for global growth, as it continues to seek partnerships that enhance its reach, attract top talent, and improve customer experiences. The move also aligns with TBO’s vision of simplifying and enhancing the travel ecosystem, according to a press release.
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Published: 21 Dec 2023, 06:45 PM IST