Helloworld says it will not be purchasing the AOT Group, despite confirming it was in talks to acquire the company earlier this month.
In a statement, the agency group said it has terminated potential acquisition discussions due to an inability to reach an agreement with AOT shareholders.
According to helloworld, AOT vendors were asking to become ‘significant minority shareholders’ in the Helloworld Group.
“The Board of HLO has unanimously concluded that the strategic and financial merits of the acquisition on the terms proposed were insufficiently compelling to warrant proceeding with the transaction.”
Helloworld
If the helloworld had acquired the company, it would have absorbed AOT’s full range of travel services in the inbound, corporate/government and leisure sectors in Australia, New Zealand and the South Pacific.
Additionally, its network would have expanded by 570 full-time staff and had access to a wholesaler leisure distribution service, destination management services, accommodation program management, online consumer portals and transport services.
Helloworld said it would resume its focus on its existing strategy to deliver returns to shareholders, agents, industry partners and consumers.
Additionally, it will continue to search for a new CEO to replace outgoing boss Elizabeth Gaines.
