Skift Take
Apollo Global Management is set to acquire The Travel Corporation’s (TTC) portfolio with an expected closure in Q4 2024, pending regulatory approvals.
Apollo Global Management, an asset management company and private equity firm, and The Travel Corporation (TTC), a private travel company that owns 18 travel brands, announced an agreement for Apollo-managed funds to acquire TTC.
TTC is one of the largest privately held travel companies in the world and it has been family-owned for a century.
The acquisition includes TTC tour brands such as Trafalgar, Uniworld Boutique River Cruises, Contiki, and Insight Vacations.
Apollo had managed around $671 billion in assets as of March this year.
The agreement between the two companies, which is still subject to regulatory approvals, is expected to close in the fourth quarter of 2024.
Certain brands, notably The Red Carnation Hotel Collection, will remain under the Tollman family. Financial terms were not disclosed.
Earlier this year, TTC announced intentions to reduce the impact of tourism on the environment and it teamed up with a new communications firm in the UK. In its latest annual report, it showed strong post-Covid recovery and growth across its brands. Some of its brands, including Insight Vacations and Contiki, have been experiencing steady growth.