Going, going, gone … Helloworld Travel Limited (HLO) has confirmed it will take full ownership of Express Travel Group (ETG) in Australia and New Zealand after agreeing to purchase the company for $70 million.
In a statement on ASX, Helloworld said it would acquire ETG from equal current owners Tom Manwaring and Sintack Pty Ltd.
As Sintack has a 13.3 per cent shareholding in HLO, shareholders will need to approve the acquisition.
ETG will hold an Extraordinary General Meeting on Friday, 21 July, with the transaction expected to settle in early August 2023.
Joining the company in 2000 after nearly three decades at Cathay Pacific, Manwaring took full ownership of ETG in 2003. He will stay on as CEO and a director of the company.
Celebrating 40 years
ETG was established in 1983 under the name Orient Express Travel Group before ‘Orient’ was dropped from the name in 2014.
Now, the company operates an air ticketing business, retail travel networks, and cruise and package wholesaling with offices in Melbourne, Sydney and Auckland.
Employing 100 staff, ETG’s portfolio of brands includes Express Tickets, Independent Travel Group, Select Travel Group, Alatus, italk travel & cruise and Creative Cruising AU/NZ, and First Travel Group, YOU Travel, and Lifestyle Holidays in New Zealand.
“We are delighted to announce our forthcoming acquisition of ETG,” Helloworld Travel Limited CEO and Managing Director Andrew Burnes AO said.
“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.”
The acquisition will comprise a mix of shares and cash with the cash component funded from HLO’s existing reserves.
Express Travel Group’s ETGX 2023 conference and annual awards will take place in Singapore from 17 to 20 August 2023. Karryon will be in attendance along with owners and managers from across the ETG membership networks.
Elsewhere, HLO recently announced the appointment of former Crown Hotels CEO, Peter Crinis as Chief Commercial Officer, effective 3 July 2023.
