September 5, 2018 / 11:53 AM / 9 months ago

Brazil travel firm CVC buys three Argentine companies for $20 mln

SAO PAULO, Sept 5 (Reuters) - Brazilian loyalty program operator CVC Brasil Operadora e Agencia de Viagens SA has agreed to acquire three Argentine travel companies for about $20 million, CVC said on Wednesday, in line with its international expansion strategy.

In a securities filing, CVC said it signed a memorandum of understanding to purchase Servicios de Viajes Y Turismo Biblios SA and, both controlled by Grupo Biblos America, or Bibam, in an operation worth about $5.375 million.

The firm also signed a memorandum of understanding to purchase Argentina’s Ola Transatlantica Turismo in a deal worth about $14.04 million.

With the deals, CVC said, it will become one of Argentina’s top three travel booking firms. (Reporting by Gram Slattery Editing by Jeffrey Benkoe)

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