Apollo has signed an agreement to acquire The Travel Corporation (TTC), a prominent global travel group, through Apollo-managed funds. The transaction is anticipated to be completed in the fourth quarter of 2024, subject to regulatory approvals. It encompasses 18 prominent brands, including Insight Vacations, Contiki, Uniworld Boutique River Cruises, and Trafalgar. Apollo, a global alternative asset manager with approximately $671 billion in assets under management as of March 31, 2024, plans to leverage its expertise in travel, technology, and hospitality to enhance TTC’s growth trajectory.
TTC, with over a century of industry experience, operates some of the world’s most renowned travel brands and is known for its 'Driven by Service' philosophy. The sale is part of TTC’s strategic succession plan, as the company transitions ownership due to the lack of a next generation to lead. Legal counsel for the transaction includes Sidley Austin LLP for Apollo and Skadden, Arps, Slate, Meagher & Flom LLP for TTC, with Zaoui serving as TTC’s financial advisor.
