BIG NEWS guys! Helloworld Travel’s buying streak continued this morning, with the part acquisition of outbound travel wholesaler, Asia Escape Holidays.
Helloworld Travel purchased 60 percent of the wholesaler’s owner, Keygate Holdings Pty Ltd, for $2.88 million and has the option of increasing its stake to 100 percent in the next four years.
As part of the acquisition, Asia Escape Holidays’ Managing Director, Mason Adams, will remain in his position and retain the remaining 40 percent stake. He will also become part of the Helloworld Senior Management Team.
Helloworld Travel’s Chief Executive and Managing Director, Andrew Burnes, described Asia Escape Holidays as an “excellent strategic fit” as it compliments existing wholesale businesses including Qantas Holidays, Viva Holidays, Sunlover Holidays, Insider Journeys and Territory Discoveries.
He continued, saying that the brand will also make the group more competitive by providing Agents with access to more mid-haul all-inclusive packages.
“Asia Escape Holidays… provides the group with a trade focused brand that has the expertise and speed to market to compete in the growing package and impulse buying market for travel throughout the Asia Pacific region.”
Andrew Burnes, Helloworld Travel CEO and Managing Director
Asia Escape Holidays’ Mason Adams said the investment is a “significant milestone” for the brand and will provide “fantastic opportunities to continue to build our business”.
The transaction is expected to be completed by the end of the month. It follows a string of recent purchases including the acquisition of Magellan and Flight Systems.
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