RUTHERFORD, N.J. -- Northstar Travel Group, parent company of Travel Weekly and other travel industry business-to-business media and event brands, has signed a definitive agreement to be acquired by JTB Corp., a Japanese travel solutions provider, from EagleTree Capital and its co-investors.
As part of the transaction, Northstar will operate as a wholly owned, independent subsidiary of JTB and will continue to be led by its existing management team, including CEO Jason Young. Terms of the transaction were not disclosed.
Northstar is a leading global media, events and information services company that focuses exclusively on travel.
Other Northstar brands include Business Travel News, TravelAge West, TravelPulse, Phocuswright, the Americas Lodging Investment Summit, Agent@Home, Travel42, Axus, Meetings & Conventions, Meeting News and The Meetings Show.
Through its platforms, Northstar connects a global audience of more than 1 million professional travel buyers with more than 1,500 supplier customers seeking to engage them.
"We are thrilled to partner with JTB as we enter the next phase of our company's incredible history," said Young. "Our shared commitment to the travel industry, cultural alignment and collective expertise -- combined with the opportunity to accelerate Northstar's geographic expansion in the Asia Pacific region -- will enhance our ability to deliver value to our audiences and customers as we advance our mission."
The transaction advances JTB's growth strategy, which includes geographic expansion and targeted investments in events, information services, market intelligence and other strategic lines of business associated with the travel industry.
"Today's announcement marks the beginning of an exciting new chapter for JTB Group," said Eijiro Yamakita, president and CEO of JTB Group. "Northstar brings outstanding expertise and fresh perspectives that perfectly align with our strategic vision. By operating Northstar as an independent subsidiary, we preserve their neutral market position while creating a powerful platform for delivering superior customer experiences. We are confident this structure will unlock significant growth potential while contributing to the innovation and future growth of the travel industry."
Co-managing partner Anup Bagaria and senior partner Michael Struble of EagleTree Capital commented, "It has been an honor to partner with the Northstar team, including chairman and former CEO Tom Kemp and current CEO Jason Young, and to witness the company's impressive transformation over the last few years. We are confident Northstar is well positioned for future success and look forward to watching it thrive as part of JTB."
BrightTower served as financial advisor and Jones Day served as legal counsel to Northstar. SMBC Nikko served as financial advisor and Venable LLP and Mori Hamada & Matsumoto served as legal counsel to JTB.
Closing of the transaction is expected in September, subject to customary closing conditions, including regulatory approvals.