Updated Feb. 1, 2019, 3:05 p.m. Eastern
Flight Centre Travel Group has closed its acquisition of Casto Travel Inc.
Flight Centre Travel Group has struck a deal to acquire Casto
Travel's U.S. operations. Expected to close in early February, the deal
will significantly expand Flight Centre's presence in the U.S. market, the
Australia-based company said.
Based in the San Francisco Bay Area, Casto serves mainly corporate
travel clients, along with a complementary premium leisure business. The
company has an annual average total transaction volume of about $120 million.
Flight Centre managing director Graham Turner said the
acquisition of Casto "will give us greater scale in Silicon Valley and in
the large West Coast market, where we previously had a relatively small
corporate travel presence, while also complementing our larger operations on
the East Coast and in other key locations.”
Casto's presence in Silicon Valley also offers access to corporate
clients in the technology sector, Flight Centre said.
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