Wholesalers

IPO plan for AOT after Helloworld snub

The AOT Group is reportedly considering an initial public offering in the order of $100 million to $200 million, with the revelation coming just over a month after merger talks with Helloworld broke down.

The AOT Group includes Sunlover Holidays, Air New Zealand Holidays and ATS Pacific.

The move follows Helloworld’s September decision to abandon a possible acquisition as its board “unanimously concluded” that the strategic and financial merits of the acquisition weren’t satisfactory and would have no benefits for the agency, with a statement labelling them “insufficiently compelling”.

AOT chief executive Andrew Burnes, who founded the company in 1987, is said to have been enraged by the agency group’s portrayal of the negotiations, according to The Australian.

Burnes owns just over 10% of Helloworld and is also the treasurer of the Federal Liberal Party.

The Australian revealed that financial advisory firm Ord Minnett has been appointed to manage the transition from private to public company.

 



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