Travel and Transport purchased Ultramar Travel Management in
an all-cash deal, the companies announced Tuesday.
Outside of the global mega agencies, T&T remains the
second-largest national corporate travel management company, as documented in BTN's 2012 Business Travel Survey.
Combined with Ultramar, 2011 ARC sales were nearly $740 million on 1.2 million
ARC air transactions. The companies employ more than a thousand people in 37
states, with total annual sales in excess of $2 billion.
T&T and Ultramar will retain their brands and separate
operational structures, according to a written statement from the companies,
and Ultramar's "existing executive team will remain in place for a minimum
of five years. The companies do not plan for the elimination of any staff
positions. Ultramar employees will retain their current compensation and
benefits packages, and after one year will become employee-owners by participating
in Travel and Transport's Employee Stock Ownership Plan."
T&T is a key member of the Radius network, while
Ultramar is a pivotal GlobalStar member. "Over the next year, we will
closely review and determine the best course of action in terms of selecting a
global solution that makes the most sense for all of our current and future
global customers," according to Travel and Transport president and CEO
Bill Tech.
T&T is a big Travelport user, though it does employ
multiple global distribution systems. Ultramar is a Sabre shop.
Financial terms of the deal were not disclosed.