A deal by Hotelbeds Group to acquire Tourico Holidays has been completed.
Tourico Holidays has now become a business unit within Hotelbeds Group after the acquisition was announced in February.
The businesses have a “strategic plan” to to combine both businesses in stages.
Hotel and ancillaries partners and clients of each company will have access to the complete range of services and technology solutions available from both Hotelbeds Group and Tourico Holidays.
Tourico Holidays founder Uri Argov has retired but will remain a shareholder of the combined company. Chief operating officer Asi Ginio will become chief executive officer.
Joan Vilà, executive chairman of Hotelbeds Group said: “It gives me great pleasure to confirm that a bedbank with a well-deserved reputation for excellence and innovation such as Tourico Holidays is now officially part of Hotelbeds Group.
“This deal expands our footprint in the important North American market and – along with our plans also for GTA to join us – forms part of our strategy to accelerate the growth of our business.
“Our medium-term objective is to combine our respective best in class technology and distribution expertise for the benefit of both our hotel partners and clients. We will do this in stages and over the coming months will provide partners with further updates on how and when this will happen.”
Ginio added: “We are excited to now officially be part of Hotelbeds Group and are hugely proud to be participating in what amounts to a transformation for the B2B travel industry.
GTA joining Hotelbeds Group is independent from the Tourico Holidays deal and is subject to both its own regulatory approval process and integration timeline – for the time being GTA remains an independent company and is not yet part of Hotelbeds Group.