Purchase of UK-based online cruise agency to accelerate growth.
Following rumours of a purchase circulating in November, Flight Centre Travel Group (FCTG) has confirmed the acquisition of major UK cruise agency Iglu.
The rationale for the buy included accelerating the Aussie company’s growth prospects in the high-margin cruise sector, and also expanding its footprint and technological access to the UK – the third-largest cruise market in the world.
Iglu’s platform will be integrated across FCTG’s leisure brands to create a unified, omni-channel experience for customers.
FCTG predicts that with the help of Iglu, its cruise-related TTV will almost double to over $2 billion annually during FY26.
The deal will see FCTG pay £127 million (A$254.5 million), comprised of an upfront payment of £100 million and £27 million in performance-based earnouts.
More details in tomorrow’s issue of Travel Daily and Cruise Weekly.