Helloworld Travel will boost its corporate business with the purchase of the TravelEdge Group for $28 million.
One of Australia’s largest privately-owned corporate travel management companies, the TravelEdge Group, will be acquired by Helloworld Travel.
The purchase price of $28 million represents an FY19 EBITDA multiple of approximately six times.
TravelEdge Group generated over $300m of TTV in FY19.
Helloworld Travel CEO and MD Andrew Burnes said the acquisition would bring Helloworld’s total corporate business in wholly owned operations and its business network members in Australia and New Zealand to over $2.4b in FY20.
TravelEdge operates through its six divisions of TravelEdge Corporate, Communico Services, TravelEdge Events, Business Travel by STA, TravelEdge Holidays and Granted Worldwide.
The business will continue to be run by CEO Kim Wethmar from its Sydney headquarters.
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