Webjet Limited
(ASX:WEB) has announced it has acquired car and motor home rental business Online Republic for NZ$85 million.
The acquisition will be paid in cash and new Webjet shares and represents 7 times FY16 pro-forma EBITDA.
The cash consideration will be funded by a capital raising to eligible Webjet shareholders and the company entered into a trading halt at 9am this morning.
Webjet has stated the acquisition of Online Republic will leverage its core capabilities into the online car rental, motorhome and cruise segments.
Webjet reported a net profit of $10.7 million at 31 December 2015.
