- Helloworld Travel (HLO) agrees to acquire Express Travel Group (ETG) from Tom Manwaring and Sintack for $70 million
- ETG operates an air ticket consolidation business, retail travel networks and cruise and package wholesaling in Australia and New Zealand
- The acquisition requires shareholder approval and notice of an Extraordinary General Meeting which will be held on July 21
- The company aims for the transaction to be settled in early August
- Shares slipped 1.89 per cent to $2.59 at 11:43 am AEST
Helloworld Travel (HLO) has agreed to acquire Express Travel Group (ETG) from Tom Manwaring and Sintack for $70 million.
The company announced that funding for the deal would be sourced from its existing cash reserves, with the agreement being paid in both shares and cash.
Before the transaction can be completed, Helloworld requires shareholder approval and notice of an Extraordinary General Meeting which will be held on July 21.
Today, ETG operates an air ticket consolidation business, retail travel networks and cruise and package wholesaling in Australia and New Zealand.
“They have been one of the most successful travel operations in Australia and New Zealand in the ticketing, retail network and distribution sectors and we look forward to the continued growth of the business under Tom’s leadership and vision,” HLO CEO Andrew Burnes AO said.
This deal comes just over a year after Helloworld was acquired by Corporate Travel Management (CTD) for $175 million.
This transaction is expected to settle in early August.
Helloworld shares slipped 1.89 per cent to $2.59 at 11:43 am AEST.