Global travel M&A surpasses pre-Covid levels

MUMBAI, 16 November 2023: France-based travel investment bank Cambon Partners and India-based travel research company VIDEC have published the industry’s first tracker covering mergers and acquisitions in travel globally, providing critical insights around industry multiples and deal valuations.

Photo credit Cambon Partners. Cambon Partners’ team is composed of some 40 investment bankers.

Highlights from the tracker 

During the decade from 2014 to the 3Q 2023, a total of 1,758 travel companies were sold.

The total value of the 382 deals where valuations are available reaches USD212 billion.

Europe (42%) and North America (38%) remain the hotbed of mergers and acquisitions (M&A) activity during the decade-long period.

Post-pandemic M&A activity is picking up: since 2022, 423 companies changed hands compared to 389 during 2018-3Q19. 

Commenting on the data Cambon Partners travel lead and partner Morgann Lesné said: “We are delighted to announce the launch of The Travel M&A Database in partnership with VIDEC, whose expertise in emerging markets is unparalleled. The insights from the database suggest Europe to be the most active region for M&A in travel, with 212 deals (2022–3Q23) as compared to 154 deals pre-pandemic (2018–3Q19). Among categories, hospitality is the most trending category, with 149 deals compared to 125 deals in the pre-pandemic period. Technology has taken centre stage, with deals for software and SAAS providers growing to 107 deals against 65. Over time, the database will proffer exhaustive coverage around valuations and multiples and serve as the definitive guidebook for dealmaking in the global travel marketplace.”

VIDEC CEO and co-founder Virendra Jain commented: “While it was all about topline and exponential growth, significant sanity has prevailed post-pandemic with an impetus on profitability and sustainability. The B2B category is a natural beneficiary of this trend, with 151 deals rising to 219 deals post-pandemic. Along similar lines, corporate travel has emerged as the season’s flavour, with deals doubling to 25 post-pandemic. We are pleased to partner with the industry’s leading travel M&A investment bank to provide this valuable resource to our sector.”

About Cambon Partners

The Paris-based investment banking firm specialising in mergers, acquisitions, and corporate financing announced a strategic partnership with Mumbai-based VIDEC to foster Cambon Partner’s global expansion and deep industry thought leadership. 

The partnership is part of Cambon Partners’ move to become the foremost investment bank in global travel technology and distribution. A big part of this mandate is tapping into the strategically significant, high-growth emerging markets in the Asia Pacific and the Middle East.    


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

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