Webjet to buy Destinations of the World

Company News

by Rachael Jones

Online travel agency Webjet (ASX:WEB) is to buy Dubai-based business travel wholesaler Destinations of the World for $240 million.

Destinations of the World operates throughout the Middle East, Europe, Asia Pacific and the Americas.

It's a pure-play, business to business accommodation wholesales platform connecting hoteliers with travel agents, online travel agents, tour operators and third-party wholesalers.

The acquisition, expected to complete on November 22, follows Webjet's acquisition of JacTravel in 2017.

Webjet said the DOTW purchase would be funded by a fully underwritten accelerated pro rata non-renounceable entitlement offer, debt funding and an issue of new Webjet shares to continuing management shareholders and DOTW's existing private equity shareholders, Gulf Capital.

Shares in Webjet (ASX:WEB) are currently Trading Halt - Last traded at $12.91.
 

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