V.Group acquired Global Marine Travel (ISS GMT) from Inchcape Shipping Services.
The addition of GMT to V.Group’s travel portfolio doubles ticketing volumes, strengthens the management team and will enable the creation of a combined operational hub in the Philippines. At the same time, it bolsters existing travel operations with two additional International Air Transport Association licences. Both businesses will eventually operate under the GMT brand.
Last year, V.Group outlined a strategy of focusing on developing its six key services lines, with inorganic growth playing a key part in the process. In line with that strategy, this acquisition signifies V.Group’s commitment in the travel segment, and the extent to which V.Group’s inorganic growth furthers its strategic aim to transform the marine industry.
The combined resources of V.Group, V.Travel, and GMT will create a market-leading platform for managing and simplifying the seafarer journey from home to ship and back. This complements V.Group’s ‘Project Embark’ – which invests in the development of digital technologies that will streamline and enhance the overall seafarer experience.
V.Group will also divest its V.Ships Agency business to Inchcape, simultaneously entering into a service agreement that establishes a partnership with a global leader in port agency to provide a better ship agency platform and improve the experience for all customers