FX.co ★ Qantas Airways To Buy Remaining 49% Stake In TripADeal For A$211 Mln

Qantas Airways Limited (QAN), based in Australia, has announced its decision to acquire the remaining 49% stake in the Byron Bay-originated online travel company, TripADeal, for A$211 million.

The transaction is anticipated to close by the end of June 2024. Through this complete acquisition, Qantas aims to realize combined cost and revenue synergies estimated to reach at least A$50 million annually across the Group over time.

Qantas initially obtained a majority stake in TripADeal in 2022.

The airline emphasized that TripADeal will retain its operational independence, collaborating with a variety of travel partners and airlines, including Qantas and Jetstar, to develop and offer pre-packaged travel deals. Recently, TripADeal has enhanced its platform by incorporating cruise options, thereby broadening travel itineraries available to customers.

TripADeal's founders, Norm Black and Richard Johnston, will exit the company. Matt Wolfenden, a seven-year veteran of the firm, has been promoted to Chief Executive Officer and will lead the team of 150 employees in Byron Bay, as well as tour guides stationed in 30 countries.