Qantas Group will become the majority owner of Jetset Travelworld following a shareholder meeting this morning.
JTG chairman John King said the group could now progress and “take advantage” of vertical integration.
Shareholders in the retailer agreed to accept the proposals that will see Qantas take a 58 per cent stake in JTG with the retailer taking control of Qantas Holidays and Qantas Business Travel. Formal implementation of the deal will take place on July 25.
Jetset Travelworld chief executive Michael Reed will step down from his role but will remain with the company for up to six months. Qantas Holidays group general manager Peter Collins will become ceo of the merged JTG, Qantas Holidays and Qantas Business Travel operation.
JTG chairman John King said: “The merger of the JTL retail agency network operations with QH and QBT will create a significant entity comprising complementary travel businesses that are distinct in their respective industry sectors, with well established travel brands and channels to market.
“The vote paves the way for the enlarged entity to establish itself as one of Australia’s leading integrated travel services groups.”
He added: “We are well positioned to take advantage of a vertically integrated group that will compete more effectively, reduce business volatility and strengthen our multi-channel distribution model.”
