Japanese travel agency and travel solutions provider JTB Corp. has completed its acquisition of Northstar Travel Group, BTN's parent company, the companies announced on Wednesday (1 October).
Northstar will operate as a wholly-owned, independent subsidiary of JTB and will continue to be led by its existing management team, including CEO Jason Young.
¡°We are excited to officially become part of the JTB family and begin this new chapter together,¡± Young said. ¡°Partnering with JTB opens up new opportunities for collaboration and growth, particularly as we expand our reach in the Asia Pacific region.
¡°With our shared values and vision, we look forward to working closely with JTB to deliver even greater value to our customers around the world,¡± he added.
In addition to BTN, BTN Europe and portfolio mate The Beat, Northstar operates several travel media brands, including Travel Weekly (US) and Phocuswright, and events including the Business Travel Show and The Meetings Show.?
As part of the transaction, announced in August, Northstar will maintain its current operations and services offerings and will continue to deliver the same travel events, media and information services.
BrightTower acted as financial advisor to Northstar during the transaction, while Jones Day provided legal counsel. SMBC Nikko served as financial advisor to JTB, with Venable LLP and Mori Hamada & Matsumoto offering legal counsel.
Northstar was previously owned by investment funds managed by EagleTree Capital and its co-investors.