Skift Travel News Blog

Clarity Business Travel, a corporate travel agency based in the UK, plans to purchase two corporate travel businesses for £36.5 million ($46 million).

Capita, a publicly traded business IT company based in London, said Thursday that it plans to sell subsidiaries Agiito and Evolvi, pending regulatory approvals. 

Agiito is a management agency for corporate travel, meetings, and events. Evovli is a rail booking tool for travel management companies.

Clarity is the business travel and events division of the Portman Travel Group.

Clarity is expected to pay Capita £8 million ($10.2 million) in cash upon completion of the transaction, plus another £8 million 12 months later. Clarity is assuming working capital and debt liabilities, which makes up the difference between the sales value and the cash payments. 

The senior management teams and employees of Agiito and Evovli will remain as the companies transfer to the buyer, according to Capita. 

Revenue in 2022 for the two companies being sold was £31 million ($39.4 million), and profit before tax was £4 million ($5.1 million), according to Capita. Gross assets are valued at £76 million ($96.5 million).

U.S.-based meeting, event and office provider Convene has bought etc.venues, which now expands its footprint in the UK.

Convene said the deal, announced on Wednesday, makes it the “largest provider of premium meeting and event venues in the U.S. and UK.”

Terms of the deal were not disclosed, but according to reports is worth $246 million.

The combined entity will now offer 38 locations across the two countries.

“Over the next few months, we will begin taking steps to fully integrate our operations but, for now, things will continue ‘business as usual’ for our clients with no immediate changes to existing events, programming, packages, pricing, nor operations – besides, of course, the fact that we are delighted to have nearly 40 venues available for bookings across the U.S. and UK,” the company said in the statement.

Meanwhile, events and hospitality technology provider Cvent is reportedly looking into selling, with the company valued at more than $4 billion according to reports.