Flight Centre $39m deal targets US students

Flight Centre $39m deal targets US students
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Flight Centre has made a US$28 million (AU$38.96 million) takeover bid for US-based StudentUniverse.com (SU) with the aim of tapping the lucrative student travel market.

Flight Centre, which made a net profit of $256.5 million, says it will use company funds for the all-cash acquisition of unlisted Irish holding company Travelonomy and all its brands.

SU employs 160 people and is the leading student travel brand across all search engines in the US.

“SU is now a market leader in a rapidly growing sector, which is estimated to be worth in excess of $US180 billion annually, and we see solid future growth potential for it, both within its existing markets and globally,” Flight Centre managing director Graham Turner said.

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