Indian travel distribution leader enters North America’s luxury market with $125 million deal
Indian travel distribution giant TBO (NSE: TBO TEK) has announced an agreement to acquire Classic Vacations, the U.S.-based luxury travel wholesaler, from Phoenix-headquartered investment firm The Najafi Companies in a deal valued at up to $125 million.
The acquisition marks TBO’s formal entry into the North American luxury travel segment and brings together two complementary strengths: TBO’s technology-driven global marketplace and inventory with Classic Vacations’ deep-rooted network of luxury travel advisors and suppliers.
Classic Vacations generated $111 million in revenue and $11.2 million in operating EBITDA in fiscal year 2024. With nearly five decades of brand heritage, Classic has become one of the most trusted B2B luxury brands in the United States, serving more than 10,000 travel advisors nationwide.
Strategic Fit for Premium Outbound Travel
TBO’s move into the high-end outbound travel market is a natural extension of its strategy to serve a broader spectrum of global travelers. The Gurugram-based platform is already a leader in technology-driven travel distribution, connecting thousands of buyers and suppliers worldwide.
“We’re thrilled to bring Classic Vacations into the TBO family,” said Gaurav Bhatnagar, Co-founder and Joint Managing Director of TBO. “Their longstanding commitment to outstanding service has earned the trust of travel advisors across the U.S. Classic will continue to operate as an independent brand while leveraging TBO’s technology and distribution capabilities to scale further.”
Ankush Nijhawan, Co-founder and Joint Managing Director of TBO, added: “This acquisition is part of our ongoing strategy to pursue both organic and inorganic growth. As we integrate Classic into TBO, we will also remain open to further strategic partnerships that strengthen our position in global travel markets.”
A New Chapter for Classic Vacations
For Classic Vacations, the acquisition provides access to next-generation travel technology and global resources.
Melissa Krueger, CEO of Classic Vacations, commented: “TBO’s tech-driven solutions are tailor-made for our advisor community. This partnership equips us with powerful new tools, resources, and connections to deliver even greater value to our advisors and their clients. Together, we are reinforcing Classic’s position as the premier luxury partner in the U.S. while extending our reach to the global stage.”
The Najafi Companies, which acquired Classic Vacations from Expedia Group in 2021, expressed confidence in the transition.
Jahm Najafi, Founder and CEO of The Najafi Companies, said: “This partnership is the natural next step for Classic Vacations. We are proud to have worked with them over the past four years to maximize their strengths in the luxury space. With TBO, they are uniquely positioned to build on their legacy and lead the industry forward.”
Looking Ahead: A Stronger Global Luxury Platform
The transaction underscores a clear ambition: to create one of the world’s strongest platforms for luxury travel distribution, meeting the rising demand for premium experiences worldwide. Global luxury travel demand is projected to grow steadily over the next decade, driven by affluent travelers seeking exclusivity, personalization, and curated experiences.
By combining TBO’s scale and technology with Classic Vacations’ advisor-first approach, the partnership promises not only continuity for customers and suppliers but also accelerated growth across markets.
The transaction remains subject to customary regulatory approvals and closing conditions, with completion expected by the end of Q3 2025.
Advisors to the Deal: Moelis & Company LLC acted as exclusive financial adviser and Ballard Spahr LLP as legal adviser to Classic Vacations. Cooley LLP served as legal adviser to TBO, while PwC acted as financial and tax adviser.
