Corporate Travel Management Limited (CTM, ASX Code: CTD) would like to confirm that the acquisition of 75.1% of Westminster Travel which was announced on November 20, 2013 is now complete.
The acquisition has been funded by a A$53.3 million equity raising being a 4 for 27 renounceable entitlement offer of fully paid ordinary shares to eligible shareholders at $4.60 per share.
Managing Director, Jamie Pherous, said “We are delighted to have Westminster Travel as our Asian business. It possesses all the qualities that we look for, being a great service reputation, a dedicated team and great management. The combination with our successful Australian, New Zealand and USA businesses will allow us to better leverage our combined buying power, client facing solutions and support expertise moving forward.”