The DMC business of Jumbo Tours Group to remain part of Alpitour World
Notes – This acquisition will give TBO access to great supply across Europe, the Caribbean, and North Africa, amongst other destinations along with Jumbo’s extensive client portfolio across Europe. Jumboline distributes a range of products for wholesalers and tour operators through an application programming interface (API) solution that gives access to more than 120,000 hotels across Europe, the Caribbean, and North Africa.
TBO Tek Limited (“TBO”) has announced that its wholly owned subsidiary, Tek Travels DMCC, has acquired 100% shareholding of Jumbonline Accommodations & Services S.L.U., which has been demerged as an online business from Jumbo Tours Group. With this acquisition, TBO intends to further increase its presence in Europe.
Jumbo Tours Group is one of the biggest international tourism operators offering a range of services and products to tourism operators and travel agencies worldwide. The Jumbonline business distributes an extensive range of products for wholesalers and tour operators all on one single platform. The advanced API solution provides access to over 120,000 hotels with 15,000 hotels directly contracted in an unbeatable response time. Complementing this business, there are two other brands, Jumbobeds, the leading online wholesaler for Travel Agencies, and Jumbotransfers which offers a wide range of transport services at great prices.
The company acquired the business for a consideration of 25 million Euros as per the draft IPO papers. TBO Tek, which has filed its draft IPO papers with SEBI also announced that Mustafa Korkmaz and Anurag Aggarwal will lead Jumboline as CEO and CFO respectively. Founded in 2006 by Co-Founders Ankush Nijhawan and Gaurav Bhatnagar, TBO connects travel suppliers such as hotels, airlines, car rental companies, and more with buyers such as travel agents and tour operators.
Gaurav Bhatnagar, [Co-Founder & Director] of Tek Travels DMCC, said: “This acquisition will give us not only access to Jumbo’s clientele but quality content from across prime destinations in Europe right down to the Caribbean. We continue to expand our global footprint by staying true to our commitment to simplifying global travel”.
Commenting on the announcement, Ginés Martinez, CEO, Jumbo Tours Group, said “We are very excited with this partnership and look forward to leveraging TBO’s strengths in travel distribution across the world, specifically Middle East & APAC. Their tech, talent and growth have been very impressive, and we are happy to be a part of the TBO family”.
Gabriele Burgio, President and CEO of Alpitour World has commented “We strongly believe that there is a big potential in this alliance, TBO is a great technology partner and highly specialized in the online business, while Jumbo Tours Group is a great provider of operations, contracting, local knowledge and representation in the destinations, we are sure both parties will get the most out of this joint project.”.
This development reflects the growth plans that TBO has set globally as it continues to step up investments by constantly looking at similar partnerships to expand, hire, and improve customer experience towards its vision of simplifying and empowering the travel ecosystem.
