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Jorgensen buys majority stake
Martin Jorgensen, ceo of Net Trans, has acquired a majority stake in the hotel commission recovery company.
His leveraged buy out had given him a 66.6% holding in the Norwegian-based company through his own company, MJ Group.
The remaining 33.4% stake is held by Venturos Eiendom, a venture capital and private equity company.
A statement by Net Trans said that Mr Jorgensen plans to off his staff up to 8% of his shares.
He said after his buy out: "I have bought Net Trans because it is a great business.
"We have the best employees and technology, enabling us to deliver the best service in the hotel commission recovery sector.
"Although we are the market leader, there are excellent opportunities to expand further.
"Hotels continue to see travel agents as a vital distribution channel and we play an essential role in ensuring the commission owed to agents is received by them."
Net Trans was founded in 1999 and is based in Tonsberg, Norway.
It also has offices in Germany, the UK, Spain, France and Singapore and an Asia-Pacific operation in Manila, capital of the Philippines.
It processes more than 12m room nights a year for clients which include American Express, BCD Travel, Carlson Wagonlit Travel, FCm Travel Solutions and HRG, as well as many independent travel agencies and hotel booking agencies.