NEW YORK — It was officially announced yesterday that Travel Leaders Group and ALTOUR have signed an agreement to unite under common ownership to form a single, powerhouse travel agency organization with nearly US $24 billion in annual sales.

There will be no substantive operating changes or name changes to either ALTOUR or Travel Leaders Group’s businesses or organizations. Closing of this combination is expected to occur following regulatory approval in satisfaction of other customary conditional proceedings.

Alexandre Chemla, founder, President and Chief Executive Officer of ALTOUR, will remain in his current leadership role and Ninan Chacko will continue to serve as Chief Executive Officer of Travel Leaders Group. In addition, upon the closing, Mr. Chemla will become a shareholder and join the Board of Directors of Travel Leaders Group Holdings.

With sales of $2.6 billion in 2016, ALTOUR is an independently owned travel management company based in the United States, serving the luxury and mid-markets globally. In addition to travel management services, ALTOUR companies include ALTOUR Air, ALTOUR Tech, ALTOUR Meetings and Incentives and the ALTOUR Global Network.