The UAE-based travel group Musafir Holdings has signed an agreement to acquire full ownership of FLYCT MEA Holdings, the operator of the Cleartrip.ae and Flyin.com travel platforms in the Middle East.
Musafir currently holds a 25 per cent stake in FLYCT and will acquire the remaining 75 per cent from the founding management team, subject to customary regulatory approvals.
Stay up to date with the latest news. Follow KT on WhatsApp Channels.
The two companies said the deal was a natural strategic fit, bringing together FLYCT’s consumer air-booking platforms and established regional customer base with Musafir’s broader travel proposition, which spans visa services, holiday packages, corporate travel and B2B agency solutions.
Once completed, the transaction is expected to create a more integrated regional travel business, offering customers a wider range of products and services under one group.
“The Middle East is one of the most dynamic travel markets in the world, and we have real conviction in its long-term growth. FLYCT has built two outstanding consumer platforms and bringing them into the group will help build a stronger, more complete regional travel business that better serves customers,” said Shaikh Mohammed Abdulla Mohammed Al-Thani, co-founder and chairman of Musafir Holdings.
Sachin Gadoya, co-founder and CEO of Musafir Holdings, said the acquisition would benefit customers directly.
“Cleartrip.ae and Flyin.com are a natural fit for Musafir. For customers, this means more choice, a fuller range of products and a better experience,” he said.
“Musafir’s broader travel proposition and strong regional presence will bring real benefits to our customers and strengthen the platform,” said Stuart Crighton, founder and chairman of FLYCT.
Source: Khaleej Times