Co-operative Travel Management, a joint venture between Thomas Cook, the Co-operative Group and Midlands Co-operative, has been sold to Mawasem Travel and Tourism, the UK subsidiary of the Al Tayyar Group, a Middle Eastern-owned international travel group.
The division has reportedly been sold for around £13.5m.
The Altrincham-based Co-operative Travel Management team are currently unaffected by the sale.
Paul Casement, head of sports and events at The Co-operative Group, told C&IT: "The sale of the business keeps everything in tact - the senior management team and key personnel, and the location of our offices.
"The biggest change will be the fact that, as a business, we will have more control and be lighter on our feet, as we are now a 200-person operation, rather than a 20,000-plus business.
"We have new owners that are looking to invest in the business and are looking to launch some new products on the business travel side. We're excited by this opportunity."