- Camplify Holdings (CHL) is clear to acquire vehicle rental agencies Mighway and SHAREaCAMPER following approval from the New Zealand Commerce Commission
- Both vehicle rental agencies are owned by Tourism Holdings (THL), which will work with Camplify to complete the acquisition by April 30
- The transaction will represent up to $7.36 million paid through Camplify shares, with the final price adjusted based on finalisation of future bookings and any fleet adjustment calculation
- Camplify expects revenue to increase once New Zealand opens its borders to vaccinated Australians on April 12 and vaccinated visitors from visa waiver countries on May 1
- CHL shares are up 4.4 per cent, trading at $2.61
Camplify Holdings (CHL) has been given clearance for its acquisition of vehicle rental agencies Mighway and SHAREaCAMPER from the New Zealand Commerce Commission (NZCC).
Both vehicle rental agencies are owned by Tourism Holdings (THL), which will now work with Camplify on an aim to complete the acquisition by April 30.
The transaction will represent up to $7.36 million in the agreement paid through Camplify shares, with the final price adjusted based on finalisation of future bookings and any fleet adjustment calculation.
The shares will be subject to an escrow period of 18 months from completion date.
After the agreement has been signed, Camplify will consolidate the platform, brands and operation of both companies into the Camplify core operations.
The acquisition positions Camplify as the largest peer-to-peer marketplace operator in New Zealand by adding more than 900 recreational vehicles to its platform.
Camplify expects revenue to increase once New Zealand opens its borders to vaccinated Australians on April 12 and vaccinated visitors from visa waiver countries on May 1.
It is estimated that over 39 per cent of tourists in the New Zealand market pre-COVID-19 were Australians, with 71 per cent of them opting for self-drive holidays in New Zealand.
According to Camplify, 60 per cent of Australians are actively considering or expressing a willingness to holiday in New Zealand within six months of international borders opening, putting the company in a great position to capitalise on this demand.
CHL shares were up 4.4 per cent, trading at $2.61 at 3:22 pm AEDT.