The merger of American Express GBT and HRG and the acquisition spree of Gray Dawes Group over the past year or so show that the appetite for consolidation is as keen as ever.
More may be about to happen.
Capita plc announced to the markets last week that it had recently received an unsolicited offer for its travel businesses from Australia's Corporate Travel Management.
Capita said, "Given the stage of discussions, which are ongoing, there is no certainty that the disposal will complete or of the transaction consideration."
However, the company has made clear its intention to dispose of non-core assets. The company made a half billion pound pre-tax loss in 2017 although it has recently returned profits of £272 million in 2018.
CTM has been expanding quickly in the UK. It bought Chambers Travel Management in 2014 for £39 million and Redfern in late 2016 in a £40 million deal.
At an investor presentation this week, Jamie Pherous, the CEO of Australia's CTM, laid out its roadmap for global expansion, announcing that it may make a bid for the UK's Capita Travel and Events.
The company was founded 25 years ago with two staff in Brisbane and has now grown through organic growth and acquisition into a 2,700 employee organisation with a forecast total transaction of A$6.5 billion (£3.5 billion) in 2019.
Our chart this week shows the diversification of the company's earnings over time.
Now that the company has built its global footprint — notwithstanding the potential Capita acquisition - it is targeting expansion though organic growth of a predicted 15% per annum, excluding M&A activity.
What the CTM news shows is that the TMC sector remains diverse and investors still have a view that they can secure returns with the right business model. Don't expect any let-up in such announcements.
See our previous blog on TMC acquisitions here