News

Webjet completes Zuji acquisition

Webjet has completed its acquisition of Zuji as it continues its search for an Australia and New Zealand chief executive to oversee the business.

In a short announcement this morning, Webjet simply said it has "completed the acquisition of Zuji from Travelocity.com".

The retailer said it will update the market of its transformation plans at its full year results presentation in August.

Webjet acquired Zuji for $25 million in a deal that will increase its Total Transaction Value by 30%.

Managing director John Guscic said late last year that Zuji will create a unique opportunity for Webjet to expand its footprint in Asia.

He said Zuji has become the leader of air ticket sales in Hong Kong and Singapore and has established a "substantial presence" in Australia's online industry with TTV of $300m. In the 2012 financial year Zuji generated revenues of $US30.6m.

Webjet will restructure its management following the acquisition with the company on the hunt for a CEO to oversee both brands in Australia and New Zealand.

Similar positions are being sought in Hong Kong and Singapore.

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