Webjet is set to acquire Travel.com.au and lastminuite.com.au in a cash and share deal.
The deal has been unanimously backed by the travel.com.au board while its major shareholders have indicated they will also support the takeover. The major shareholders – managing director Adam Johnson, Co-Investor Capital Partners and netus - hold more than 50 per cent of the stock.
Webjet will offer 10 cents per share and .023 of a Webjet share for each travel.com.au share, valuing the business at approximately $42.3 million.
Webjet managing director David Clarke said: “Webjet views travel.com.au’s business, including lastminute.com.au, as a valuable and strategically very significant addition to Webjet’s existing online travel business.
“It will provide Webjet with the opportunity of realising even more substantial economies of scale from our existing operations and provide scope to significantly propel the lastminute.com.au and travel.com,au brands in the Australian market.”
