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American Express Global Business Travel has entered into an agreement to acquire a controlling stake in Kanoo Travel.
The latter is one of the largest travel management networks in the Middle East.
Amex GBT will form a joint venture with parent company YBA Kanoo Group to provide managed travel and events services to clients in the region.
Kanoo Travel, which has been a key member of GBT’s global travel partner network for many years, operates in the United Arab Emirates, Saudi Arabia, Qatar, Bahrain and Oman.
The transaction is subject to receipt of regulatory approvals and customary conditions and is expected to close in later 2019 or early next year.
Amex GBT will hold 65 per cent of the new joint venture, headquartered in Dubai, and assume management and operational control of the business and its 539 employees. Y
BA Kanoo Group will hold the remaining 35 per cent stake in the joint venture.
Elyes Mrad, Amex GBT managing director, international, said: “Kanoo Travel has been a trusted, long-term partner for GBT in the region for many years and is known and respected by many of our clients.
“The creation of the joint venture will enhance how we service those clients and their travellers by combining Kanoo’s region-specific expertise with the backing of GBT’s global scale and technology.”
The financial terms of the deal are undisclosed.
Source: breakingtravelnews.com