Corporate Travel Management Limited (ASX:CTD) has entered into a binding agreement to acquire Travel and Transport, Inc. (T&T) for approximately $200 million on September 28, 2020. The consideration is based on an enterprise value of $200.4 million on a cash-free, debt-free basis. The transaction is funded via a fully underwritten entitlement offer to raise AUD 375 million (approximately $265 million) and equity issue to T&T executive equity participants of AUD 4.5 million ($3.2 million). Key T&T executives, including the Chief Executive Officer will invest in CTM stock. Additional capital being raised to fund acquisition costs, integration costs, provide additional liquidity to fund potential Travel & Transport losses for a prolonged period, balance sheet flexibility and capacity for other acquisitions. T&T generated revenue of $206 million in the year ended December 31, 2019. T&T’s high-quality leadership team will combine with CTM in a seamless structure that will see Kevin O’Malley as Chief executive officer North America, Maureen Brady as Chief operating officer alongside Josh Weiss as Chief financial officer and Tim Fleming as President and Integration lead. The transaction is subject to, amongst other things, antitrust approval, and the receipt of a satisfactory fairness opinion by the trustee of Travel & Transport’s employee stock ownership plan. ASX has confirmed that CTM is not required to obtain shareholder approval for the transaction. As of October 14, 2020, Federal Trade Commission has provided early termination of the waiting period under the Hart-Scott-Rodino for the transaction. As of October 26, 2020, the transaction will close on October 30, 2020. The transaction is expected to be approximately 10% EPS accretive on a pro-forma CY19 basis excluding synergies and approximately 30% EPS accretive including synergies. Completion of the transaction is expected to occur in late October 2020. Greenhill & Co. acted as financial advisor and Allens and Sherman & Howard L.L.C. acted as legal advisor to CTM. Evercore Inc. acted as financial advisor to Travel and Transport, Inc. Corporate Travel Management Limited (ASX:CTD) completed the acquisition of Travel and Transport, Inc. (T&T) for approximately $210 million on October 30, 2020. CTM completed a AUD 380 million capital raising during the half-year, issuing 27,424,566 shares at $13.85. This capital raise was undertaken to complete the acquisition of Travel and Transport, Inc. Ernst & Young Australia acted as financial advisor and due diligence provider to Corporate Travel Management Limited.