Flight Centre acquires 24.1% interest in Argentina’s Bibam
Flight Centre had acquired a 24.1% interest in Bibam to strengthen its global e-commerce presence and capabilities.
The Flight Centre Travel Group (FLT) has strengthened its global e-commerce presence and capabilities. It had acquired a 24.1% interest in Bibam, an Argentina-based travel and technology group with a strong presence in the on and offline leisure, corporate and wholesale sectors.
FLT will pay USD 7 million for its 24.1% stake in Bibam and will be represented on the company's board, with Mr Smith to be appointed a director.
Bibam (Biblos América), Argentina's second largest travel group, owns and operates the Biblos brand and fast growing e-commerce player Avantrip.com.
The company is also the licensee in Argentina for FCM, the global corporate travel management network that FLT created in 2005.