Helloworld announces binding agreement for sale of corporate and entertainment travel businesses
Corporate Travel Management has agreed to acquire the corporate and entertainment travel businesses operated by Helloworld Travel Limited, in a $175 million deal.
Helloworld will receive $100 million in cash and $75 million worth of Corporate Travel Management shares, which will be held in escrow for 12 months from when the sale is finalised.
Helloworld said the deal represents “strong value creation for HLO shareholders following a period of successful contract wins and extensions in the corporate business”.
CEO Andrew Burnes said “while our corporate and entertainment travel businesses are in the early stages of benefiting from the COVID-19 rebound, we believe this transaction is at a compelling valuation to maximise HLO shareholder value”.
More details in today’s issue of Travel Daily.