Australian travel retailer Helloworld has agreed to buy Magellan Travel Group for $32.5m in a 65/35 mix of cash and shares. Magellan has 130 agents and “will continue to operate in its current format”.
HLO CEO Andrew Burnes said many of the Magellan agents had been with company before its tumultuous Helloworld rebranding several years ago.
He added the acquisition will likely be earnings accretive and add $900m to turnover.
When the acquisition is complete, Helloworld will have more than 2300 members in Australia and New Zealand.