CANBERA (dpa-AFX) - Australia-based Qantas Airways Limited (QAN) said that it will buy the remaining 49 percent of Byron Bay born online travel business TripADeal for A$211 million.
The transaction is expected to be completed by the end of June 2024. Through the full acquisition, Qantas expects combined cost and revenue synergies to build to at least A$50 million annually across the Group, over time.
Qantas acquired a majority stake in TripADeal in 2022.
Qantas noted that TripADeal will continue to operate as an independent business, working with a range of travel partners and airlines, including Qantas and Jetstar, to build and deliver ready-made packages. TripADeal recently added cruises to its platform, expanding the itinerary options for travellers.
Founders of TripADeal, Norm Black and Richard Johnston, will depart the company. Matt Wolfenden, who has been with the company for seven years, has been promoted to chief executive officer and will lead the 150- strong team in Byron Bay and tour guides based in 30 countries.
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