HELLOWORLD has announced it will acquire Express Travel Group (ETG) for $70 million from its current owners, the company’s Chief Executive Officer & Director Tom Manwaring, and Sintack Pty Ltd, the company of the family of Spiros Alysandratos.
Consideration for the acquisition will be a mixture of stock and cash, which will be fully funded from Helloworld’s existing cash reserves.
The acquisition will require stockholder approval at an extraordinary general meeting on 21 July, as Sintack also has a 13.31% shareholding in Helloworld; subject to its endorsement, the deal is expected to settle in August.
Helloworld Chief Executive Officer & Managing Director Andrew Burnes said Manwaring will remain in his role with Express.
“We are delighted to announce our forthcoming acquisition of ETG,” Burnes enthused.
“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.”
Founded as Orient Express Travel Group in 1983, the company employs more than 100 personnel and encompasses a suite of brands, including Express Tickets, Independent Travel Group, Select Travel Group, Alatus, italktravel, and Creative Cruising, as well as a number of New Zealand-based businesses.
Manwaring joined ETG in 2000, after almost 30 years with Cathay Pacific, and took full ownership of the company just three years later.
