Musafir Holdings, the diversified regional travel group, announced today that it has signed an agreement to acquire FLYCT MEA Holdings, which operates the Cleartrip.ae and Flyin.com online travel platforms in the Middle East. Musafir Holdings currently holds a 25% stake in FLYCT and intends to acquire 75% from the founding management team, taking full ownership of the business, subject to customary regulatory approvals.
The acquisition underscores Musafir’s long-term confidence in the regional travel market and its commitment to continuing to invest in the sector through all market conditions.
The two businesses are a natural strategic fit.
FLYCT brings leading consumer air-booking platforms and a well-established regional customer base; Musafir brings a broader travel proposition, encompassing visa services, holiday packages, corporate travel and B2B agency solutions. Subject to completion, the transaction is expected to create a more complete regional travel business, giving customers access to a wider, more integrated range of travel products and services.
Shaikh Mohammed Abdulla Mohammed Al-Thani, Co-Founder & Chairman of Musafir Holdings, said: “The Middle East is one of the most dynamic travel markets in the world, and we have real conviction in its long-term growth. This acquisition reflects that confidence and our commitment to continuing to invest in the region. FLYCT has built two outstanding consumer platforms and bringing them into the group will help build a stronger, more complete regional travel business that better serves customers.”
Sachin Gadoya, Co-Founder & Chief Executive Officer of Musafir Holdings, added: “Cleartrip.ae and Flyin.com are a natural fit for Musafir. For customers, this means more choice, a fuller range of products and a better experience. We look forward to welcoming the FLYCT team and strengthening the customer offering.”
Stuart Crighton, Founder & Chairman of FLYCT, said: “Cleartrip.ae and Flyin.com have grown into leading air-booking platforms for customers across the region, and I’m immensely proud of what the team has built. Musafir is the right partner to take the business forward; its broader travel proposition and strong regional presence will bring real benefits to our customers and strengthen the platform.”
Sachin Gadoya, Co-Founder & Chief Executive Officer of Musafir Holdings
Source: Riyadh Daily