Japanese travel agency and travel solutions provider JTB Corp. has agreed to acquire Northstar Travel Group, BTN's parent company, the companies announced late Thursday.
Financial terms of the deal were not disclosed. The companies expect the deal to close in September, subject to customary closing conditions, including regulatory approvals.
Upon closing, the companies said Northstar would operate as a wholly owned, independent subsidiary of JTB and be led by its existing management team, including CEO Jason Young.
In addition to BTN and portfolio mate The Beat, Northstar operates several travel media brands, including Travel Weekly and Phocuswright, and events including the Business Travel Show, American Lodging Industry Summit and The Meetings Show.
JTB agreed to acquire Northstar from investment funds managed by EagleTree Capital and its co-investors.
"We are thrilled to partner with JTB as we enter the next phase of our company's incredible history," Young said in a statement. "Our shared commitment to the travel industry, cultural alignment and collective expertise—combined with the opportunity to accelerate Northstar's geographic expansion in the Asia-Pacific region—will enhance our ability to deliver value to our audiences and customers as we advance our mission."
JTB in a statement said the deal would further its growth strategy, "which includes geographic expansion and targeted investments in events, information services, market intelligence, and other strategic lines of business associated with the travel industry."
"Today's announcement marks the beginning of an exciting new chapter for JTB Group," JTB Group president and CEO Eijiro Yamakita said in a statement. "Northstar brings outstanding expertise and fresh perspectives that perfectly align with our strategic vision. By operating Northstar as an independent subsidiary, we preserve their neutral market position while creating a powerful platform for delivering superior customer experiences. We are confident this structure will unlock significant growth potential while contributing to the innovation and future growth of the travel industry."