Flight Centre Travel Group has rebuked “media M&A speculation” that it is poised to buy U.S. travel management company Altour.
“Flight Centre Travel Group (FLT or Company) is aware of media speculation in The Australian newspaper claiming FLT is considering the potential acquisition of a corporate travel business in the USA,” it said in a statement to the Australian Securities Exchange on Aug. 30.
“While it is company policy to not respond to media speculation, the company has had, and continues to have, various discussions with a number of parties regarding strategic opportunities.”
Last week the group boasted its FCM Travel division was the only global alternative to the legacy travel management companies. However, the intention to consider acquisition opportunities to complement organic growth was outlined in the company’s recent results, where it reported a loss of $127 million for 2022.
A U.S. division would make sense to expand its footprint. Australia’s Corporate Travel Management, for example, said it reaped the benefits of its own U.S. acquisition, Travel and Transport, in its most recent results that saw it record a full-year profit of $41.4 million.
Altour is part of the Internova Travel Group, which is owned by Certares, which is also an investor in American Express Global Business Travel, via a group of investors it leads. Amex GBT listed on the New York Stock Exchange in May this year.
Skift contacted Internova for comment.
Tags: australia, certares, corporate travel, ctm, flight centre, mergers and acquisitions