Helloworld Travel (ASX:HLO) today announced the acquisition of a controlling stake in Asia Escape Holidays.
That’s a fast growing outbound travel wholesaler based in Perth specialising in 16 destinations throughout Asia, the Indian Ocean and the Pacific.
Helloworld have seen increasing demand for all inclusive package holidays and say the deal will allow them to offer more in the mid-haul all-inclusive package range.
The agreement is to acquire 60 per cent of Keygate Holdings - the owner of Asia Escape Holidays - for consideration of $2.88 million with the option to increase to 100 per cent in 4 years.
The transaction is expected to be completed by the end of the month.
Shares in Helloworld Travel (ASX:HLO) are flat at $4.52.