Australia-based Corporate Travel Management is buying Travel and Transport of Omaha, Neb., for roughly $200 million in cash and stock.

Much of Travel and Transport's senior executive team will run CTM North America after the deal closes, which is expected in the next 30 days or so following customary regulatory review. During an exclusive phone interview Monday evening, the companies' top execs said the firm would become the fifth-largest travel management company in the world. Combined 2019 travel sales were more than $7 billion . . .

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