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Barrhead Travel has more than 75 stores and employs around 900 people.
The transaction is expected to close in the first quarter.
“Barrhead is a great addition to our family of brands. It’s an innovative, award-winning travel business that is on a trajectory for continued growth,” said Travel Leaders Group CEO Ninan Chacko.
“From its high-touch retail travel superstores to its online presence, Barrhead offers personalized attention, technology tools, highly trained travel specialists and a wide range of travel products and services.”
Travel Leaders Group’s purchase of Barrhead Travel is the latest in a series of deals involving the acquirer. Last year, Travel Leaders merged with Altour to create a combined entity with $24 billion in annual sales.
In 2017, Travel Leaders, the largest travel agency consortium in North America, also bought London-based Colletts Travel.
According to its most recent set of accounts, in 2016 Barrhead Travel generated group revenue of $177.3 million (£124.5 million) with a pre-tax profit of $4 million (£2.8 million).
Barrhead’s Chief Executive Sharon Munro will continue to manage the business.