The third quarter of 2025 may mark a turning point in the next wave of consolidation across travel, hospitality, and adjacent industries. From travel management to food service rewards and hotel marketing… the dominos are starting to fall, and the patterns are unmistakable.
3Q25: The Quarter the Market Found Its Momentum
In recent weeks, the M&A tempo in travel has accelerated noticeably, led by a series of highly strategic, scale-driven transactions:
- RateGain announced a $250 million acquisition of Sojern, bringing data-driven guest marketing and demand generation directly into its distribution ecosystem.
- Direct Travel completed its acquisition of ATPI, creating a global TMC powerhouse with over $6 billion in combined annual volume.
- Globespan Travel Management acquired Key Travel, instantly becoming the largest North American TMC focused on academic, humanitarian, NGO, and faith-based travel — a niche long overdue for modernization and scale.
- TBO’s $125 million purchase of Classic Vacations pushed an India-based tech platform into the U.S. luxury market, continuing its strategy of vertical expansion.
- Mews expanded its hospitality operations platform through the acquisition of Flexkeeping, adding deeper automation and housekeeping capabilities.
- And outside traditional travel but firmly within its ecosystem, Buyers Edge Platform announced a definitive agreement to acquire Dinova, the leader in business-dining rewards programs.
That last transaction underscores how “travel” M&A now extends well beyond booking engines and loyalty programs. Dinova connects cts 24,000 restaurants, 600+ corporate partners, and $18 billion in spend visibility. Once integrated, Buyers Edge’s reach across 250,000 foodservice locations and $74 billion in spend data will create an unprecedented network linking corporate travel, dining, and expense ecosystems. The result: tighter integration between where employees travel, meet, and spend.
These aren’t opportunistic deals — they’re part of a broader realignment of the business-travel value chain.
Why It’s Happening Now
As discussed in The Exit Row’s earlier pieces on Navan’s IPO and the future of TMC consolidation, the travel sector is reshaping under financial and technological pressure.
- Capital scarcity is forcing mid-tier players to seek scale through mergers or strategic alliances.
- AI-driven productivity is favoring larger networks that can justify the technology investment.
- Supplier consolidation (across airlines, hotels, and GDS systems) compresses margins, pushing intermediaries toward vertical integration.
3Q25 proved what many expected since Navan’s filing: the next phase of travel M&A would be selective, cross-category, and deeply strategic.
4Q25 Outlook: Precision Plays and Cross-Border Deals
Heading into Q4, expect to see:
- Cross-border consolidation among TMCs and hotel-tech providers.
- Private-equity re-entries focused on B2B travel platforms, payments, and data plays.
- Selective “distress-with-purpose” acquisitions, where larger players pick up under-capitalized but strategically critical tech assets.
- More ecosystem M&A, where adjacent sectors (like corporate dining, loyalty, and payments) merge into the business-travel stack.
Early 2026: The Reset Year
If 2025 was the year of alignment, 2026 will be the year of acceleration. Expect the travel M&A landscape to expand beyond traditional boundaries:
- Fintech and AI companies will “buy into” travel rather than build from scratch.
- Large travel-management networks will continue consolidating to stay cost-competitive.
- GDS restructuring could unlock new capital structures – or force further consolidation.
In short, the domino effect has begun. For every deal announced, another is being modeled, negotiated, or delayed only by the cost of capital.
So, the question for 2026 isn’t if the next domino will fall. The question is whether it will land on you or lift you higher.
