Corporate Travel Management Limited (ASX:CTD) entered into an agreement to acquire Corporate Travel Planners Inc (CTP) for $36 million on December 24, 2019. Under the terms of the transaction, initial consideration is $18 million, consisting of approximately 10% in Corporate Travel Management Limited stock (to be issued in accordance with the agreement) and 90% in cash. A further maximum contingent consideration of $18 million capped, subject to achievement of future profit hurdles. The cash component will be funded by short term debt and cash flow. Christy Prescott, founder and Chief Executive Officer of CTP will serve as President of CTP and own stock in Corporate Travel Management. CTP will still be in San Antonio. Subject to customary conditions precedent, the acquisition is expected to close on January 15, 2020. The transaction is accretive to EPS.