Helloworld Travel Limited is set to acquire Express Travel Group

Helloworld Travel Limited (ASX: HLO) announced that it has entered into an agreement to acquire the entire Express Travel Group (ETG) in Australia and New Zealand from the current owners, Tom Manwaring and Sintack Pty Ltd, for AU$70 million. ETG, known initially as Orient Express Travel Group and founded in 1983, operates an air ticket consolidation business, retail travel networks, and cruise and package wholesaling in Australia and New Zealand.

The company has a national support network, offices in Melbourne, Sydney, and Auckland, and employs over 100 staff. Shareholder approval is required due to the transaction's related party nature, with Sintack Pty Ltd holding a 13.31% shareholding in HLO. Tom Manwaring will continue as the CEO and Director of ETG. The acquisition is anticipated to positively impact HLO's earnings growth from FY24.

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