Global M&A activity in the tourism sector exceeds pre-pandemic levels

Investment bank Cambon Partners launches the first M&A tracker in the travel sector in collaboration with VIDEC.

France-based tourism investment bank Cambon Partners and India-based travel research firm VIDEC have collaborated to publish today the industry’s first tracker covering global travel M&A, providing critical insights on sector multiples and valuations of corporate operations.

Highlights of the tracker reveal that:

During the period 2014-3Q23, a total of 1,758 travel companies were sold.

The total value of the 382 operations for which valuations are available amounts to 212 billion dollars.

Europe (42%) and North America (38%) remain the hotbeds of M&A activity for a decade.

Post-pandemic M&A activity is picking up: Since 2022, 423 companies have changed hands, up from 389 during 2018-3Q19.

Commenting on the data, Morgann Lesn√©, Travel Lead & Partner at Cambon Partners, said: “We are delighted to announce the launch of The Travel M&A Database in collaboration with VIDEC, whose expertise in emerging markets is unparalleled. The database data Data suggests that Europe will be the most active region in travel M&A, with 212 deals (2022-3Q23) compared to 154 deals before the pandemic (2018-3Q19). Among categories, hospitality is trendsetting, with 149 deals compared to the pre-pandemic period’s 125. Technology has taken center stage with agreements for software and SAAS providers growing to 107 agreements compared to 65. Over time, the database will offer comprehensive coverage on valuations and multiples and will serve as the definitive guide to trading in the global travel market.”

For his part, Virendra Jain, CEO and co-founder of VIDEC, said: “While everything was about top-line revenue and exponential growth, sanity prevailed after the pandemic and gave a boost to profitability and sustainability. The B2B category is a natural beneficiary of this trend, with 151 agreements that increased to 219 after the pandemic. In the same vein, corporate travel has become the star product of the season, with a number of agreements “which has doubled to 25 following the pandemic. We are pleased to partner with the leading M&A investment bank in the tourism sector to offer this valuable resource to our sector.”

Additional monitoring highlights will be published periodically and full access to the dataset will be offered through a dedicated portal.

About Cambon Partners

The Paris-based investment banking firm specializing in mergers, acquisitions and corporate finance, has announced a strategic partnership with Mumbai-based VIDEC to further Cambon Partner’s global expansion and deep leadership in the sector.

Cambon Partners has the largest team of travel bankers and a leading portfolio of sales, long-term acquisitions and corporate financing in the European travel and hospitality market. The partnership is part of Cambon Partners’ strategy to become the leading global travel technology and distribution investment bank. A large part of this mandate is to leverage the strategically important and high-growth emerging markets in the Asia-Pacific and Middle East region.   


Founded in 2016, VIDEC is a boutique M&A research, consulting and advisory firm with a singular domain focus on the global travel, tourism and hospitality industry. VIDEC actively assists companies looking to acquire and exit with their commercial due diligence, industry and consumer research, thought leadership, and buy and sell advisory services.

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