Corporate Travel Management (CTM) has confirmed that it has submitted a bid to purchase Capita Travel and Events.
Following media speculation, Capita PLC confirmed to investors last week that it had received an unsolicited offer for its corporate travel arm from CTM. However, it said “there is no certainty that the disposal will complete or of the transaction consideration”.
CTM’s Australian HQ has also confirmed its bid, with company secretary Suzanne Yeates saying: “Consistent with our strategy, CTM continues to evaluate a number of potential acquisition targets and confirms that it has had preliminary discussions with Capita regarding its travel businesses.
“These have been early-stage discussions and there is no certainty as to whether a transaction will be agreed nor as to the terms or timing.”
CTM’s statement claims the company “has not contemplated undertaking any acquisition this financial year”.
Capita’s travel business is valued at £200 million, according to Bloomberg.