$32.5 million deal will see Magellan as HLO’s sixth retail network.
Helloworld Travel Limited has just announced an agreement to acquire the Magellan Travel Group for $32.5 million.
The deal will be funded by a mixture of 65% in cash and 35% in HLO shares, with Helloworld Travel ceo Andrew Burnes saying the company was “consolidating its position in the retail and corporate travel agency business in Australia” as well as seeking to leverage its ongoing technology developments and supplier relationships.
“We are delighted to welcome the 130 agents who are part of the Magellan network around Australia to the Helloworld Travel Group. Magellan has been established for nearly ten years and has a great network of members in both the leisure and corporate agency businesses,” he said, with Magellan managing director Andrew Macfarlane and the group’s existing management team to all join Helloworld Travel.
Burnes congratulated the Magellan founding shareholders for building the network across the country. “Many of these agents were originally with Helloworld and its predecessors in years gone by and with the significant changes we have made in the Helloworld business over the last two years we are looking forward to welcoming them back,” he said.
He said the Magellan network would continue to operate in its current format and become the sixth retail network of Helloworld Travel in Australia, operating alongside the branded, associate, business, affiliate and MTA Travel networks.
More information in today’s issue of Travel Daily.
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Source: traveldaily