Flight Centre Travel Group
(ASX:FLT) has purchased a 24.1% stake in Bibam, an Argentina-based travel and technology group.
Flight Centre will pay $US7 million for this acquisition, and expects its e-commerce capabilities to be strengthened as a result.
Bibam owns the Biblos Travel brand, employs 440 people and earns US$240 million in total transaction value (TTV) – which makes it Argentina’s second largest travel group.
Following this transaction, Flight Centre expects its online leisure businesses, in the current financial year, to generate around $1 billion in TTV globally.
This morning, Flight Centre shares are trading 0.33% higher at $30.78.
